lululemon athletica SHAREHOLDER ALERT: Levi & Korsinsky Reminds Investors With
Losses in lululemon athletica inc. of Class Action Lawsuit and Deadline of
September 3, 2013 to Seek Lead Plaintiff Position -- LULU
NEW YORK, Aug. 21, 2013 (GLOBE NEWSWIRE) -- Levi & Korsinsky announces that a
class action lawsuit has been commenced in the USDC for the Southern District
of New York on behalf of investors who purchased lululemon athletica inc.
("lululemon" or the "Company") (Nasdaq:LULU) stock between March 21, 2013 and
June 10, 2013.
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The complaint alleges that defendants failed to disclose that: (a) product
defects in the Company's Luon yoga pants shipped on March 1, 2013 resulted in
part from the Company's attempts to raise profit margins by cutting costs to
the detriment of the product quality and the brand reputation; (b) the Company
was forced to sell product at a discount to obtain sales and protect market
share; that (c) discussions were underway concerning the possible replacement
of CEO Christine McCormick Day; and (d) as a result of the defendants'
positive statements, shares of lululemon stock were artificially inflated.
On June 10, 2013, lululemon founder Dennis J. Wilson sold 2 million shares of
his personally owned stock. Following the close of trading, lululemon
announced that Day would step down as CEO. The Company also acknowledged that
it had discounted prices during the Class Period. Shares of lululemon stock
fell from a close of $82.28 per share on June 10, 2013, to a close of $67.85
the following day.
If you suffered a loss in lululemon you have until September 3, 2013to request
that the Court appoint you as lead plaintiff. Your ability to share in any
recovery doesn't require that you serve as a lead plaintiff. To obtain
additional information, contact Joseph E. Levi, Esq. either via email at
firstname.lastname@example.org or by telephone at (877) 363-5972, or visit
Levi & Korsinsky is a national firm with offices in New York, New Jersey, and
Washington D.C. The firm has extensive expertise in prosecuting securities
litigation involving financial fraud, representing investors throughout the
nation in securities and shareholder lawsuits. Attorney advertising. Prior
results do not guarantee similar outcomes.
CONTACT: Levi & Korsinsky, LLP
Joseph Levi, Esq.
Eduard Korsinsky, Esq.
30 Broad Street - 24th Floor
New York, NY 10004
Tel: (212) 363-7500
Toll Free: (877) 363-5972
Fax: (866) 367-6510
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