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SAN FRANCISCO, Oct. 23, 2019 (GLOBE NEWSWIRE) -- Hagens Berman reminds Tandy Leather Factory, Inc. (NASDAQ: TLF) investors of recently admitted improper accounting and the firm’s ongoing investigation of possible violations of federal securities laws. The firm urges TLF investors who have suffered significant losses to submit their losses now to learn if they qualify to recover their investment losses.
|Relevant Holding Period: Before Oct. 21, 2019|
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Tandy Leather Factory, Inc. (TLF) Investigation:
The investigation centers on the propriety of Tandy Leather reported inventory costs for the first and second quarters of 2019.
On August 13, 2019, Tandy Leather announced the Audit Committee of the Company’s Board of Directors, with the assistance of a forensic accountant and legal counsel, was investigating the Company’s methods of valuation and expensing costs of inventory.
On August 15, 2019, the Company disclosed it would not timely file its quarterly financial report and that the Audit Committee’s investigation covered the entire first half of 2019.
On October 21, 2019, Tandy Leather announced that it would be restating its financial statements for the years ended December 31, 2018, 2017, and 2016, the quarterly and year-to-date periods within fiscal 2018 and 2017, and the quarterly period ended March 31, 2019.
“We’re focused on investors’ losses whether Tandy Leather improperly valued and expensed its reported inventory costs in an effort to appear more profitable,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you purchased shares of TLF and suffered significant losses, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Tandy Leather should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email TLF@hbsslaw.com.
Hagens Berman is a national law firm with nine offices in eight cities around the country and eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Reed Kathrein, 510-725-3000