STEVENSON, Md., June 25, 2012 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Eastern District of Kentucky on behalf of purchasers of the common stock of Tempur-Pedic International Inc. ("Tempur-Pedic" or the "Company") (NYSE:TPX) during the period between January 25, 2012 and June 5, 2012, inclusive (the "Class Period").
If you have suffered a net loss for all transactions in Tempur-Pedic International Inc. common stock during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at firstname.lastname@example.org, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than August 20, 2012 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period that the Company's competitive position had drastically weakened, and was continuing to weaken and that the Company's outlook for 2012 net sales and earnings per share was not simply weaker than earlier optimistic estimates, but was in fact, negative. According to the complaint, after, April 19, 2012, Tempur-Pedic reported its financial results for the first quarter of 2012 and confirmed net sales and earnings per share guidance for full-year 2012, after, on May 7, 2012, it was reported that an analyst had revealed that Tempur-Pedic would be offering one of its most popular mattress models at a significant discount (ranging from 12 to 17 percent off) between May 16 and July 8, 2012--an unprecedented move by the Company in the context of a non-clearance model, and after, on June 6, 2012, the Company announced that it was cutting its recently confirmed outlook for full-year net sales by more than 10 percent and earnings per share by nearly 29 percent, the value of Tempur-Pedic shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
CONTACT: Charles J. Piven
Brower Piven, A Professional Corporation