Bragar Eagel & Squire is Investigating Certain Officers and Directors of Tandy Leather Factory, Plantronics, Resideo, and Zovio and Encourages Investors to Contact the Firm

1/17, 2:17 AM (Source: GlobeNewswire)

NEW YORK, Jan. 16, 2020 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder law firm, is investigating certain officers and directors of Tandy Leather Factory, Inc. (NASDAQ: TLF), Plantronics, Inc. (NYSE: PLT), Resideo Technologies, Inc. (NYSE: REZI), and Zovio, Inc. (NASDAQ: ZVO) on behalf of long-term stockholders.  More information about each potential case can be found at the link provided.

Tandy Leather Factory, Inc. (NASDAQ: TLF)  

Bragar Eagel and Squire is investigating certain officers and directors of Tandy Leather Factory, Inc. following a class action complaint that was filed against Tandy Leather on November 7, 2019.

The complaint alleges that throughout the class period, defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, defendants failed to disclose to investors: (1) that certain costs of inventory had been improperly valued and expensed; (2) that, as a result, the Company’s financial results for certain periods were misstated; (3) that the Company lacked effective internal control over financial reporting; (4) that there was a material weakness in the Company’s internal control over financial reporting; and (5) that, as a result of the foregoing, defendants’ positive statements about the Company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.

For more information on our investigation into Tandy Leather go to: https://bespc.com/tlf

Plantronics, Inc. (NYSE: PLT)

Bragar Eagel and Squire is investigating certain officers and directors of Plantronics, Inc. following a class action complaint that was filed against Plantronics on November 13, 2019.

The complaint alleges that throughout the class period defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, defendants failed to disclose to investors: (1) that the Company had engaged in channel stuffing to artificially boost sales; (2) that the Company’s internal control over inventory levels was not effective; (3) that the Company had not adequately monitored inventory levels ahead of multiple product launches, where the new models would displace demand for aging products; and (4) that, as a result of the foregoing, defendants’ positive statements about the Company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.

For more information on our investigation into Plantronics, go to: https://bespc.com/plt

Resideo Technologies, Inc. (NYSE: REZI)

Bragar Eagel and Squire is investigating certain officers and directors of Resideo Technologies, Inc. following a class action complaint that was filed against Resideo on November 8, 2019.

The complaint alleges that during the class period, Resideo continued to assure investors that the Company was poised to meet its 2018 guidance at the high end of its forecasted range, and more importantly, for 2019 the Company would achieve 4%+ organic growth and ~13% adjusted EBITDA margin. Further, while the Company acknowledged it had experienced operational disruptions (primarily administrative) in connection with the spin-off, defendants repeatedly assured investors that any negative effects of the spin-off were largely “behind [them]” or minimizing and reiterated their fiscal year (“FY”) 2019 guidance for the Company, stating as late as August 8, 2019 that the Company’s performance to date put it on track to make its FY19 revenue guidance. Each of these representations was materially false and misleading when made because defendants failed to disclose the following true facts, which were known to defendants or recklessly disregarded by them: (a) the negative operational effects of the spin-off were more substantial and persistent than disclosed and had negatively affected the Company’s product sales, supply chain, and gross margins, putting Resideo’s FY19 financial forecasts at risk; and (b) as a result of the foregoing, the Company’s financial guidance lacked a reasonable basis and the Company was not on track to make its FY19 guidance as claimed. As a result of defendants’ material misrepresentations and omissions, Resideo stock traded at artificially inflated prices of more than $26 per share during the Class Period.

For more information on our investigation into Resideo go to: https://bespc.com/rezi

Zovio, Inc. (NASDAQ: ZVO) f/k/a Bridgepoint Education, Inc.

Bragar Eagel and Squire is investigating certain officers and directors of Zovio, Inc. following a class action complaint that was filed against Bridgepoint on March 8, 2019.

The complaint alleges that throughout the class period, defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (i) Bridgepoint’s processes for recording revenue for its FTG program were inaccurate; (ii) Bridgepoint maintained deficient internal controls; (iii) due to the foregoing deficiencies, Bridgepoint was prone to and did commit material accounting errors related to revenue, provision for bad debts, accounts receivable and deferred revenue, which resulted in the overstatement of revenue and expenses; and (iv) as a result, Bridgepoint’s public statements were materially false and misleading at all relevant times.

For more information on our investigation into Zovio go to: https://bespc.com/zovio

About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com.  Attorney advertising.  Prior results do not guarantee similar outcomes. 

Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com

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