A lawsuit was filed on behalf of investors in Tandy Leather Factory, Inc. (NASDAQ: TLF) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 11/21/2019 -- An investor, who purchased shares of Tandy Leather Factory, Inc. (NASDAQ: TLF), filed a lawsuit over alleged violations of Federal Securities Laws by Tandy Leather Factory, Inc.
Investors who purchased shares of Tandy Leather Factory, Inc. (NASDAQ: TLF) have certain options and for certain investors are short and strict deadlines running. Deadline: January 6, 2020. NASDAQ: TLF investors should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
Fort Worth, TX based Tandy Leather Factory, Inc. operates as a retailer and wholesale distributor of a range of leather and leathercraft related items in North America and internationally.
On August 13, 2019, after market, Tandy Leather Factory disclosed that it would not timely file its quarterly report for the period ended June 30, 2019, citing an Audit Committee investigation related to "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."
Then, on August 15, 2019, after the market closed, Tandy Leather Factory disclosed that it was unable to timely file the Company's quarterly report for the period ended June 30, 2019 due to the Audit Committee's investigation.
On October 18, 2019, Tandy Leather Factory, Inc revealed that certain financial statements should no longer be relied upon, citing "misstatements primarily relating to the Company's methods of valuation and expensing of costs of inventory and related issues." It also disclosed that its Chief Financial Officer and Treasurer, Tina Castillo, had resigned from her positions.
The plaintiff claims that between March 7, 2018 and August 15, 2019, the Defendants failed to disclose to investors that certain costs of inventory had been improperly valued and expensed, that, as a result, the Company's financial results for certain periods were misstated, that the Company lacked effective internal control over financial reporting, that there was a material weakness in the Company's internal control over financial reporting, and that, as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
Those who purchased shares of Tandy Leather Factory, Inc. (NASDAQ: TLF) have certain options and should contact the Shareholders Foundation.
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About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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