LightInTheBox Holding Shareholder Alert: Briscoe Law and Powers Taylor
Investigate Possible Breaches of Fiduciary Duty by Officers and Directors
DALLAS -- August 28, 2013
Former United States Securities and Exchange Commission attorney Willie
Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation
firm of Powers Taylor, LLP announce that a federal class action lawsuit has
been filed against LightInTheBox Holding Co., Ltd. (“LightInTheBox” or
“Company”) (NYSE: LITB) and several officers and directors for acts taken
during the period of June 6, 2013 to August 19, 2013 (the “Class Period”).
Based upon the allegations in the class action, the firms are investigating
additional legal claims against the officers and Board of Directors of
LightInTheBox. If you are an affected LightInTheBox shareholder and want to
learn more about the lawsuit or join the action, contact Willie Briscoe at The
Briscoe Law Firm, PLLC, (214) 706-9314, or via email at
WBriscoe@TheBriscoeLawFirm.com, or Zach Groover at Powers Taylor, LLP, toll
free (877) 728-9607, via e-mail at email@example.com. There is no
cost or fee to you.
In the complaint, the defendants are alleged to have violated certain
provisions of the Securities Exchange Act of 1934. Specifically, the complaint
alleges that defendants’ misrepresented and/or failed to disclose that, among
other things: (a) the Company’s sales growth had already declined
exponentially during the second quarter of 2013, the period ended June 30,
2013; (b) the Company’s costs had already exceeded its sales during the second
quarter of 2013; and (c) due to the above, the Company was not on track to
achieve the financial results it had led the market to expect. According to
this complaint, when these facts were finally revealed to the market,
LightInTheBox’s shares dropped dramatically.
“The allegedly improper business practices conducted by LightInTheBox have
prompted our firms to investigate additional claims against the Company’s
officers and directors, including potential breaches of fiduciary duties and
other violations of state law. Based on our investigation, we are prepared to
pursue litigation to preserve the company and the value of LightInTheBox stock
for all shareholders,” said shareholder rights attorney Patrick Powers.
The Briscoe Law Firm, PLLC is a full service business litigation, commercial
transaction, and public advocacy firm with more than 20 years of experience in
complex litigation and transactional matters.
Powers Taylor, LLP is a boutique litigation law firm that handles a variety of
complex business litigation matters, including claims of investor and
stockholder fraud, shareholder oppression, shareholder derivative suits, and
security class actions.
The Briscoe Law Firm, PLLC
Willie Briscoe, 214-706-9314
Powers Taylor LLP
Zach Groover, 877-728-9607
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