GPM Announces Investigation on Behalf of Mattress Firm Holding Corp. Investors
11 June 2016 - 11:00AM
Business Wire
Glancy Prongay & Murray LLP (“GPM”) announces an
investigation on behalf of Mattress Firm Holding Corp. (“Mattress
Firm” or the “Company”) (NASDAQ: MFRM) investors. Investors who
have suffered losses on their investment in Mattress Firm
securities are encouraged to contact GPM to discuss their legal
rights.
The investigation concerns whether or not the Company and its
executives made materially false and misleading statements
regarding the Mattress Firm’s recent impairment charge and a shift
in the Company’s branding and strategy. On March 21, 2016, Mattress
Firm reported fourth quarter earnings of $0.53 per share, which was
lower than analyst expectations of $0.56 per share and released
full year guidance of $2.50 to $2.60 per share, which was lower
than the $2.72 per share forecast. Concurrently, Mattress Firm
announced that President Ken Murphy would replace CEO Steve
Stagner, effective immediately. On this news, shares of Mattress
Firm fell $3.04 per share or over 7% to close at $39.65 per
share.
On June 9, 2016, Mattress Firm reduced its full year guidance
and announced it would incur an impairment charge of $138.7 million
in the first quarter stemming from a previously-undisclosed
decision to rebrand all of its stores under the Mattress Firm name.
On this news, shares of Mattress Firm fell $4.18 per share or over
12% to close at $29.40 per share on June 10, 2016.
If you have information or would like to learn more about these
claims, or have any questions concerning this announcement or your
rights or interests with respect to these matters, please contact
Lesley Portnoy, of GPM, 1925 Century Park East, Suite 2100, Los
Angeles, California 90067 at 310-201-9150, Toll-Free at
888-773-9224, by email to shareholders@glancylaw.com, or visit our
website at http://www.glancylaw.com. If you inquire by email please
include your mailing address, telephone number and number of shares
purchased.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: http://www.businesswire.com/news/home/20160610005926/en/
Glancy Prongay & Murray LLP, Los AngelesLesley Portnoy,
310-201-9150 or
888-773-9224shareholders@glancylaw.comwww.glancylaw.com
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