Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the District of Delaware on behalf of shareholders of Capri Holdings Limited who purchased shares between August 10, 2023 and October 24, 2024.
Capri and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On August 10, 2023, the Company and Tapestry, Inc. announced a merger agreement, pursuant to which Tapestry would purchase Capri for $57 per share in cash. On October 24, 2024, Judge Jennifer L. Rochon of the U.S. District Court for the Southern District of New York granted the U.S. Federal Trade Commission’s motion to preliminarily enjoin the acquisition of the Company by Tapestry citing, among other things, that a “substantial body of compelling evidence” demonstrated that, in contrast to their public statements, defendants themselves believed that their brands were direct competitors in a well-defined “accessible luxury handbag market.” On this news, the price of Capri’s shares fell by nearly 50%.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until February 21, 2025 to request that the court appoint them lead plaintiff.