SAN DIEGO & FORT WORTH, Texas--(BUSINESS WIRE)--
Shareholder rights law firm Robbins LLP announces that a purchaser of Tandy Leather Factory, Inc. (TLF) filed a class action complaint against the company for alleged violations of the Securities Exchange Act of 1934 between March 7, 2018 and August 15, 2019. Tandy sells leather and leathercraft related items, such as tools, hardware, accessories, liquids, lace, kits, and teaching materials.
If you suffered a loss as a result of Tandy's misconduct, click here.
Tandy Leather Factory, Inc. (TLF) Accused of Material Misstatements Regarding its Financials
According to the complaint, throughout the class period, defendants attested to the accuracy of Tandy's financial reporting, but failed to disclose material adverse facts that certain costs of inventory had been improperly valued and expensed. On August 13, 2019, Tandy disclosed that its Audit Committee was investigating "certain aspects of the Company's methods of valuation and expensing of costs of inventory and related issues regarding the Company's business and operations." On August 15, 2019, Tandy filed a Notification of Late Filing with the SEC, stating that it was unable to timely file the company's quarterly reports for the period ended June 30, 2019, due to the Audit Committee's investigation. As a result, between August 13 and August 16, Tandy's stock declined almost 20%. Then, on August 18, 2019, Tandy revealed that certain financial statements should no longer be relied upon and that its Chief Financial Officer and Treasurer had resigned. The value of Tandy's stock has yet to recover.
Tandy Leather Factory (TLF) Shareholders Have Legal Options
Robbins LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. Click here to receive free alerts from Stock Watch when companies engage in wrongdoing.
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