BFA Law Reminds Losing Capri Holdings Limited (CPRI) Investors to Contact Company Ahead of February 21 Court Deadline By Investing.com
New York, New York–(Newsfile Corp. – January 4, 2025) – A leading securities law firm Bleichmar Fonti & Auld LLP announces that a lawsuit has been filed against Capri Holdings Limited (NYSE: NYSE: ), Tapestry (NYSE: ), Inc., and certain senior executives of Capri and Tapestry for possible violations of federal securities laws.
If you have invested in Capri, we encourage you to do so you can get additional information by visiting https://www.bfalaw.com/cases-investigations/capri-holdings-limited.
Investors have until February 21, 2025 to ask the court to appoint them to manage the case. The lawsuit asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 on behalf of investors who bought Capri stock or sold Capri puts. The case is pending in the U.S. District Court for the District of Delaware and is subtitled Hurwitz v. Capri Holdings Limited, et al.number 24-cv-1410.
Why was Capri sued for securities fraud?
Capri is a fashion company that owns several fashion brands, such as Michael Kors. Tapestry is also a fashion company and owns fashion brands Coach and Kate Spade. On August 10, 2023, Capri and Tapestry jointly announced that Tapestry would acquire Capri for $57 per share in cash.
During the relevant period, Capri and Tapestry stated that the acquisition would not stifle competition and that they expected to receive antitrust clearance for the acquisition and that the deal would close in 2024.
On April 22, 2024, the FTC filed suit to prohibit the acquisition due to its anti-competitive effects. Capri and Tapestry, however, strongly disputed the FTC’s allegations and insisted that the acquisition would be “pro-consumer” and would have no negative effects on competition.
The stock drops as the truth is revealed
On October 24, 2024, the court granted the FTC’s request for a temporary injunction and blocked the acquisition of Capri. In its order, the court cited hundreds of pages of internal documents revealing that the defendants secretly understood that their brands were close competitors within the well-defined “affordable luxury handbag market” and that the Capri acquisition would reduce competition. According to the court, the defendant’s statements to the investing public did not correspond to the “commercial reality” to which the defendants themselves were very inclined.
Following this news, Capri’s share price fell nearly 50%, from a closing price of $41.60 per share on October 24, 2024 to $21.26 per share on October 25, 2024.
Click here if you have suffered losses: https://www.bfalaw.com/cases-investigations/capri-holdings-limited.
What can you do?
If you have invested in Capri, you may have legal options and we encourage you to provide your information to the company.
All representation is on a contingency fee basis, at no cost to you. Shareholders are not responsible for any court costs or litigation expenses. The Company will seek court approval for all potential fees and costs.
Submit your information by visiting:
https://www.bfalaw.com/cases-investigations/capri-holdings-limited
Why Bleichmar Fonti & Auld LLP?
Bleichmar Fonti & Auld LLP is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. ISS SCAS named it one of the Top 5 Law Firms for Plaintiffs in 2023, Thompson Reuters named its attorneys Titans of the Plaintiffs Bar, and Thompson Reuters SuperLawyers. Among its recent notable successes, BFA recovered more than $900 million from Tesla (NASDAQ: ), Inc.’s board of directors (pending court approval), as well as $420 million from Teva Pharmaceutical (NYSE: ) Ind. Ltd.
For more information about BFA and its attorneys, visit https://www.bfalaw.com.
https://www.bfalaw.com/cases-investigations/capri-holdings-limited
Advertising of lawyers. Past results do not guarantee future results.
To view the original version of this press release, visit https://www.newsfilecorp.com/release/235325
