SOURCE: Saxena White P.A.

June 22, 2012 17:40 ET

Saxena White P.A. Files Securities Fraud Class Action Against Tempur-Pedic International, Inc.

BOCA RATON, FL--(Marketwire - Jun 22, 2012) - Saxena White P.A. has filed a class action lawsuit in the United States District Court for the Eastern District of Kentucky on behalf of all investors who purchased Tempur-Pedic International, Inc. ("Tempur-Pedic" or the "Company") (NYSE: TPX) common stock during the period from January 25, 2012 through June 5, 2012 (the "Class Period"). The complaint brings forth claims for violations of the Securities Exchange Act of 1934.

Tempur-Pedic manufactures and markets high-end mattresses, pillows and other sleeping related products. On June 6, 2012, the Company's stock price plunged nearly 50% after the luxury mattress maker cut its full-year profit and revenue forecasts amid lower-than-expected second quarter sales in North America. Tempur-Pedic is now predicting earnings of $2.70 per share for 2012 versus a previous forecast of as much as $3.95 per share.

The complaint alleges that Tempur-Pedic misrepresented its financial condition. Specifically, that the Company's 2012 outlook, provided at the start of the Class Period, lacked a reasonable basis when made due to already existing and understood competitive pressures. 

You may obtain a copy of the complaint and join the class action at www.saxenawhite.com. If you purchased Tempur-Pedic stock between January 25, 2012 and June 5, 2012, inclusive, you may contact Joe White or Marc Grobler at Saxena White P.A. to discuss your rights and interests.

If you purchased Tempur-Pedic common stock during the Class Period and wish to apply to be the lead plaintiff in this action, a motion on your behalf must be filed with the Court no later than August 20, 2012. You may contact Saxena White P.A. to discuss your rights regarding the appointment of lead plaintiff and your interest in the class action. Please note that you may also retain counsel of your choice and need not take any action at this time to be a class member.

Saxena White P.A., located in Boca Raton, specializes in prosecuting securities fraud and complex class actions on behalf of institutions and individuals. Currently serving as lead counsel in numerous securities fraud class actions nationwide, the firm has recovered hundreds of millions of dollars on behalf of injured investors and is active in major litigation pending in federal and state courts throughout the United States.

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