Harwood Feffer LLP Announces Investigation of Tempur-Pedic International Inc.
NEW YORK, June 20, 2012 /PRNewswire/ -- Harwood Feffer LLP (www.hfesq.com) is investigating potential claims against the board of directors of Tempur-Pedic International Inc. ("Tempur-Pedic" or the "Company") (NYSE: TPX), concerning whether the board has breached its fiduciary duties to shareholders.
After the markets closed on April 19, 2012, the Company announced its financial results for the first quarter of 2012 and confirmed net sales and earnings per share ("EPS") guidance for the full-year 2012. In reaction to the news, Tempur-Pedic stock dropped from $83.75 per share to $66.53 in one day, or a decrease of nearly 21%.
On May 4, 2012, the media reported that the Company would be offering one its most popular mattress models at a discount of 12-17% from May 16, 2012 to July 8, 2012. On this news, the Company's stock fell from $56.71 to close at $46.59 on May 8, 2012.
Finally, on the morning of June 6, 2012, the Company issued a press release prior to the markets' open in which it announced that it was modifying its recently confirmed full-year 2012 guidance: net sales guidance was lowered by more than 10% and EPS was guidance was reduced by nearly 29%. In response, Tempur-Pedic shares fell $21.28 per share, or nearly 49%, from $43.67 to $22.39 at close on June 6, 2012.
Our investigation concerns whether the Tempur-Pedic board of directors has breached its fiduciary duties to shareholders, grossly mismanaged the Company, and/or committed abuses of control in connection with the foregoing.
If you own Tempur-Pedic shares and wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact:
Benjamin Sachs-Michaels, Esq.
Matthew M. Houston, Esq.
Robert I. Harwood, Esq.
Harwood Feffer LLP
488 Madison Avenue
New York, New York 10022
Phone Numbers: (877) 935-7400
Harwood Feffer has been representing individual and institutional investors for many years, serving as lead counsel in numerous cases in federal and state courts. Please visit the Harwood Feffer LLP website (http://www.hfesq.com) for more information about the firm.
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