Investing.com is reminding investors of Capri Holdings Limited (CPRI) of the securities action deadline
Philadelphia, Pennsylvania–(Newsfile Corp. – January 23, 2025) – Berger Montague PC Notifies Investors That Securities Class Action Filed Capri Holdings (NYSE:) Limited (“Capri” or the “Company”) (NYSE: CPRI) on behalf of purchasers of Capri securities between August 10, 2023 to October 24, 2024. including (“Teaching Period”).
Deadline for investors: Investors who have purchased or acquired CAPRI securities during the Class Period may, no later than FEBRUARY 21, 2025are seeking to be appointed as the lead representative of the plaintiff class. To learn your rights, CLICK HERE.
Capri is a British clothing and accessories marketplace. It owns several fashion brands, such as Michael Kors, which, among other things, produces and sells handbags. Tapestry (NYSE:), Inc. is also a fashion company and owns fashion brands such as Coach and Kate Spade.
On August 10, 2023, Capri and Tapestry announced that they had entered into a merger agreement under which Tapestry would acquire Capri for $57 per share in cash. The Capri acquisition would bring together three close competitors: Tapestry’s Coach and Kate Spade brands, and Capri’s Michael Kors brand.
According to the class action, the defendants failed to disclose that the primary internal reason for acquiring Capri was to consolidate brands within the available luxury handbag market in order to reduce competition, increase prices, improve profit margins and reduce consumer choice within that market. As a result, the risk of adverse regulatory action against the proposed merger was greater than represented.
On October 24, 2024, after a seven-day hearing, Judge Jennifer L. Rochon of the US District Court for the Southern District of New York granted the US Federal Trade Commission’s request for a preliminary ban on the purchase of the Capri. In doing so, the court found, among other things, that “a significant amount of convincing evidence” showed that, contrary to their public statements, the defendants believe their brands are direct competitors in the well-defined “affordable luxury handbag market.”
In news, Capri stock price fell from $41.60 per share on October 24, 2024 to a closing price of $21.26 per share on October 26, 2024, a decrease of $20.34 per share, almost 50% .
To find out your rights or for more information, CLICK HERE or contact Berger Montague: Andrew Abramowitz at aabramowitz@bm.net or (215) 875-3015, or Peter Hamner at phamner@bm.net.
The lead plaintiff is the representative party that acts on behalf of all class members in the conduct of the litigation. The lead plaintiff is usually an investor or a small group of investors who have the greatest financial interest and who are also appropriate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and those attorneys, if approved by the court, are lead or class counsel. However, deciding whether to be the lead plaintiff does not affect your ability to participate in the recovery. Communication with any attorney is not necessary to participate or participate in any recovery obtained in this case. Each putative class member may propose to the Court to serve as lead plaintiff through counsel of his or her choosing, or may choose to do nothing and remain an inactive class member.
Berger Montague, with offices in Philadelphia, Minneapolis, Delaware, Washington, DC, San Diego, San Francisco and Chicago, has been a pioneer in securities class actions since its founding in 1970. Berger Montague has represented individual and institutional investors for more than five decades and serves as general counsel in courts throughout the United States.
To view the original version of this press release, visit https://www.newsfilecorp.com/release/238243
