LightInTheBox Holding Shareholder Alert: Briscoe Law and Powers Taylor Investigate Possible Breaches
LightInTheBox Holding Shareholder Alert: Briscoe Law and Powers Taylor Investigate Possible Breaches of Fiduciary Duty by Officers and Directors
DALLAS--(BUSINESS WIRE)-- 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") (NYS: 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 firstname.lastname@example.org. 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.
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