Philadelphia, Pennsylvania – (Newsfile Corp. – January 23, 2025) – Berger Montague PC advises investors that a securities class action lawsuit has been filed Capri Holdings (NYSE:) Limited (“Capri” or the “Company”) (NYSE: CPRI) on behalf of purchasers of Capri securities between From August 10, 2023 to October 24, 2024, inclusive (“Term Period”).
Deadline Investor: Investors who have bought or acquired capri Securities during the class period may, no later than February 21, 2025seeks to be appointed as lead plaintiff representative for the class. To know your rights Click here.
Capri is a clothing and accessories marketplace located in the United Kingdom. It owns many fashion brands, such as Michael Kors, which manufactures and sells handbags and others. Tapestry (NYSE:), Inc. It is also a fashion company, and owns fashion brands such as trainer And Kate Spade.
On August 10, 2023, Capri and Tapestry announced that they had entered into a merger agreement whereby Tapestry would acquire Capri for $57 per share in cash. The Capri acquisition will bring together three close competitors: Tapestry's Coach and Kate Spade brands and Capri's Michael Kors brand.
According to the class action lawsuit, the defendants failed to disclose that the primary internal rationale for the Capri acquisition was to integrate the brands into the accessible luxury handbag market for 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 higher 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 on the US Federal Trade Commission's request for a preliminary injunction to acquire Capri. In this regard, the Court decided, among other things, that “A large body of convincing evidence“It showed that, contrary to their general statements, the defendants believed their brands were a direct competitor in the well-defined “accessible luxury handbag market.”
Based on the news, Capri's 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, or approximately 50%.
To know your rights or for more information, Click here Or please contact Berger Montague: Andrew Abramowitz at aabramowitz@bm.net or (215) 875-3015, or Peter Hamner at famner@bm.net.
A lead plaintiff is a representative party acting on behalf of all class members in directing the lawsuit. The lead plaintiff is usually the investor or a small group of investors who have the largest financial interest and who are also considered appropriate and typical of the proposed class of investors. The lead plaintiff selects an attorney to represent the lead plaintiff and the class and those attorneys, if approved by the court, are the lead attorneys or the class. However, your ability to participate in any recovery is not affected by the decision of whether or not to serve as lead plaintiff. Communication with any attorney is not necessary to participate or contribute to any recovery achieved in this case. Any member of the purported class may move the court to serve as lead plaintiff through counsel of their choosing, or they may choose to do nothing and remain an inactive class member.
Berger Montague, with offices in Philadelphia, Minneapolis, Delaware, Washington, D.C., San Diego, San Francisco and Chicago, has been a leader in securities class action lawsuits since its founding in 1970. Berger Montague has represented individual and institutional investors for more than five years. contracts and serves as lead attorney in courts throughout the United States.
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