The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the USDC for the Northern District of California on behalf of investors who purchased RH (formerly known as Restoration Hardware) (“RH”) (NYSE: RH) securities between March 26, 2015 to June 8, 2016.
According to the complaint, during the Class Period, RH reported false and misleading earnings forecasts based on its new product line, RH Modern. The complaint further alleges that RH misrepresented and concealed problems surrounding the launch of RH Modern, including inventory shortages, shipping delays, and poor construction quality.
On June 8, 2016, RH released its first quarter 2016 financial results. Chairman and CEO Gary Friedman noted that the results were impacted partly by “the costs associated with RH Modern production delays and investments to elevate the customer experience…” Upon this news, shares of RH fell from a close of $36.07 per share on June 8, 2016, to a close of $28.41 per share the following day.
If you suffered a loss in RH you have until April 3, 2017 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
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