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Case Status:    ONGOING    
On or around 09/15/2017 (Ongoing date of last review)

Filing Date: March 29, 2016

According to the law firm press release, Tailored Brands, Inc. is the holding company for The Men’s Wearhouse, Inc. The Company operates as a specialty apparel retailer in the United States, Puerto Rico, and Canada.

On June 18, 2014, the Company announced the completion of its acquisition of Jos. A. Bank Clothiers, Inc. for $65.00 per share in cash. On that day, shares of the Company closed at $55.86 per share.

After the close of trading on November 5, 2015, the Company provided investors with preliminary third quarter results and an updated fiscal year 2015 outlook. Investors were told that there was “significant comparable sales weakness at Jos. A. Bank. During the third quarter comparable sales decreased 14.6% at Jos. A. Bank, far below the Company's earlier expectations. This decrease was primarily driven by a decline in traffic as the Company began the transition away from the Buy-One-Get-Three promotional events.”

In addition, fourth quarter comparable sales at Jos. A. Bank were expected to be down between 20-25% from the prior year’s fourth quarter, which coincides with the busy holiday selling season. As a result of this shocking disclosure, shares of Tailored Brands, Inc. (known as The Men’s Wearhouse, Inc. at the time), collapsed, closing at $22.70, down $19.40, on extremely high volume. This 48% decline represented a market capitalization decline of $938 million.

On December 9, 2015, after the close, the Company released third quarter earnings that were even worse than previously expected just weeks earlier. Additionally, same-store sales at Jos. A. Bank in the fourth quarter were actually tracking to be down over 35%. On this news, shares closed at $15.27, down an additional $3.30 per share.

An amended complaint was filed on May 26, 2017.

COMPANY INFORMATION:

Sector: Consumer Cyclical
Industry: Apparel/Accessories
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: TLRD
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

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COURT: S.D. Texas
DOCKET #: 16-CV-00838
JUDGE: Hon. Melinda Harmon
DATE FILED: 03/29/2016
CLASS PERIOD START: 06/18/2014
CLASS PERIOD END: 12/09/2015
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. The Bilek Law Firm, L.L.P.
    808 Travis, Suite 802, The Bilek Law Firm, L.L.P., TX 77002
    713.227.7720 713.227.7720 ·
  2. The Miller Law Firm PC
    950 West University Drive, Suite 300, The Miller Law Firm PC, MI 48307
    248.841.2200 248.652.2852 ·
  3. Wolf Haldenstein Adler Freeman & Herz LLP (New York)
    270 Madison Avenue, Wolf Haldenstein Adler Freeman & Herz LLP (New York), NY 10016
    212.545.4600 212.686.0114 · newyork@whafh.com
No Document Title Filing Date
COURT: S.D. Texas
DOCKET #: 16-CV-00838
JUDGE: Hon. Melinda Harmon
DATE FILED: 05/26/2017
CLASS PERIOD START: 07/29/2014
CLASS PERIOD END: 12/09/2015
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Edison, McDowell & Hetherington LLP

    ·
  2. Robbins Geller Rudman & Dowd LLP (San Diego)
    655 West Broadway, Suite 1900, Robbins Geller Rudman & Dowd LLP (San Diego), CA 92101
    619.231.1058 619.231.7423 ·
No Document Title Filing Date