Tempur Sealy Hid Issues With Mattress Retailer, Investors Say
Law360, New York (March 27, 2017, 4:05 PM EDT) -- Tempur Sealy International Inc. investors launched class allegations in Manhattan federal court Friday that the mattress manufacturer misled shareholders before its relationship with the largest U.S. mattress retailer dissolved.
The investors claim that Tempur Sealy CEO Scott L. Thompson, Chief Financial Officer Barry A. Hytinen and the manufacturer itself violated federal securities law by failing to tell shareholders that Temper Sealy was involved in “contentious” negotiations with retailer Mattress Firm Inc. after it was acquired in August for $3.8 billion by Steinhoff International Holdings NV. The terminated relationship between the companies was disclosed in January, causing Tempur Sealy’s share price to...
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