( MENAFN - PR Newswire) SAN DIEGO, Dec. 31, 2024 /PRNewswire/ -- Robbins LLP informs investors that a class action was filed on behalf of all persons who purchased or sold Capri Holdings Limited (NYSE: CPRI ) stock between August 10, 2023 and October 24, 2024. Capri is a fashion firm.
For more information, submit a form , email attorney Aaron Dumas, Jr., or give us a call at (800) 350-6003. The Allegations: Robbins LLP is Investigating Allegations that Capri Holdings Limited (CPRI) Misled Investors Regarding the Viability of its Acquisition by Tapestry, Inc.
(TPR) According to the complaint, on August 10, 2023, Capri and Tapestry jointly announced their entry into a merger agreement, pursuant to which Tapestry would purchase Capri for $57 per share in cash. On October 25, 2023, Capri announced that its shareholders had voted to approve adoption of the Merger Agreement. The complaint alleges that on April 22, 2024, the FTC brought an action to enjoin the Capri acquisition and subsequently moved for a preliminary injunction.
The FTC alleged that, if allowed, the Capri Acquisition would eliminate direct head-to-head competition between Kate Spade, Coach, and Michael Kors. On October 24, 2024, the FTC blocked the acquisition. On this news, the price of Capri stock fell to $21.
26 per share or nearly 50 percent. According to the complaint, during the class period, defendants failed to disclose: (a) that the accessible luxury handbag market is a distinct and well-defined market with.
