Philadelphia, PA–(Newsfile Corp. – January 23, 2025) – Berger Montague PC notifies investors that a securities class action lawsuit has been filed against 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 (the “Class Period”).
Investor Deadline: Investors who have purchased or acquired CORSAIR securities during the Class Period may, at the latest FEBRUARY 21, 2025are seeking to be named lead plaintiffs representing the class. To know your rights, CLICK HERE.
Capri is a UK-based clothing and accessories marketplace. It owns several fashion brands, such as Michael Kors, which manufactures and sells handbags, among other things. Tapestry (NYSE:), Inc. is also a fashion company and owns fashion brands such as Coach and Kate Spade.
On August 10, 2023, Capri and Tapestry announced that they had entered into a merger agreement under which Tapestry would purchase Capri for $57 per share in cash. The acquisition of Capri would bring together three close competitors: Tapestry’s Coach and Kate Spade brands and Capri’s Michael Kors brand.
According to the class action lawsuit, defendants failed to disclose that the primary internal reason for acquiring Capri was to consolidate brands in the accessible luxury handbag market in order to reduce competition, increase prices, improve profit margins and reduce consumer choice within this market. As a result, the risk of adverse regulatory action against the proposed merger was higher than expected.
On October 24, 2024, following a seven-day hearing, Judge Jennifer L. Rochon of the United States District Court for the Southern District of New York granted the United States Federal Trade Commission’s motion to enjoin on a preliminary basis the acquisition of Capri. In doing so, the court determined, among other things, that a “a significant body of convincing evidence” showed that, contrary to their public statements, Defendants believed their brands were direct competitors in a well-defined “accessible luxury handbag market.”
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 almost 50%.
To know your rights or for more information, CLICK HERE or please contact Berger Montague: Andrew Abramowitz at [email protected] or (215) 875-3015, or Peter Hamner at [email protected].
A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead applicant is generally the investor or a small group of investors who have the greatest financial interest and who are also suitable and typical of the proposed investor class. 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 class counsel. Your ability to participate in any recovery, however, is not affected by whether you become lead plaintiff. There is no need to contact an attorney to participate or share in the recovery achieved in this case. Any member of the purported class may propose to the court to serve as lead plaintiff through an attorney of their choice, or may choose to do nothing and remain an inactive member of the class.
Berger Montague, with offices in Philadelphia, Minneapolis, Delaware, Washington, DC, San Diego, San Francisco and Chicago, has been a pioneer in securities class actions since its founding in 1970. Berger Montague has represented individual investors and institutional for more than five years. decades and serves as lead attorney in courts across the United States.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/238243