TANDY LEATHER FACTORY, INC. INVESTOR ALERT: Wolf Haldenstein Adler Freeman & Herz LLP announces that a  securities  class  action  lawsuit  has  been  filed  in  the  United States District for the  District of California against Tandy Leather

NEW YORK, Nov. 12, 2019 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP  announces that a federal securities class action lawsuit has been filed against Tandy Leather Factory, Inc. (“Tandy” or the “Company”) (NASDAQ: TLF) in the United States District Court for the Central District of California on behalf of those who purchased or acquired the securities of Tandy from March 7, 2018 and August 15, 2019, inclusive (the “Class Period”). 

All investors who purchased shares of Tandy Leather Factory, Inc. and incurred losses are urged to contact the firm immediately at [email protected] or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website, www.whafh.com.

If you have incurred losses in the shares of Tandy Leather Factory, Inc., you may, no later than January 6, 2020, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in the shares of Tandy Leather Factory, Inc.  

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The filed Complaint alleges that on August 13, 2019, after the market closed, the Company disclosed that its Audit Committee was investigating “certain aspects of the Company’s methods of valuation and expensing of costs of inventory and related issues regarding the Company’s business and operations.”  On this news, the Company’s share price fell $0.55 per share, or over 10%, over two consecutive trading sessions to close at $4.90 per share on August 15, 2019.

Then, on August 15, 2019, after the market closed, the Company disclosed that it was unable to timely file the Company’s quarterly report for the period ended June 30, 2019 due to the Audit Committee’s investigation.  On this news, the Company’s share price fell $0.40 per share, or over 8%, to close at $4.50
per share on August 16, 2019.

On October 18, 2019, subsequent to the end of the operative class period, the Company revealed that certain financial statements should no longer be relied upon, citing “misstatements primarily relating to
the Company’s methods of valuation and expensing of costs of inventory and related issues.”  It also disclosed that its Chief Financial Officer and Treasurer, Tina Castillo, had resigned.

Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country.  The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego.  The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.

If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at [email protected], or visit our website at www.whafh.com.

Contact:

Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: [email protected], [email protected] or [email protected]
Tel: (800) 575-0735 or (212) 545-4774

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