According to the Complaint, Tandy Leather Factory, Inc. is a specialty retailer that sells leather and leathercraft related items such as quality tools, hardware, accessories, liquids, lace, kits and teaching materials.

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, the Complaint alleges 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.

On November 26, 2019, the Court issued an Order transferring the case to the Northern District of Texas. Plaintiff filed an amended Complaint on March 3, 2020. On April 8, the Court issued an Order denying Plaintiff's motion for appointment as Lead Plaintiff. On April 15, Plaintiff voluntarily dismissed this case.