Philadelphia, Pennsylvania–(Newsfile Corp. – January 23, 2025) -Berger Montague PC is advising investors that a lawsuit may be filed against a securities group. Capri Holdings (NYSE:) Limited (“Capri” or the “Company”) (NYSE: CPRI) on behalf of the clients of Capri securities among August 10, 2023 to October 24, 2024, inclusive (“Class Period”).
Investor Deadline: Purchased or acquired investors CAPRI Deposits during the Class can be, without passing FEBRUARY 21, 2025seek appointment as the lead representative of the class plaintiff. To learn your rights, CLICK HERE.
Capri is a UK-based marketplace for clothing and accessories. It owns several fashion brands, such as Michael Kors, which produces and sells bags, among other things. Tapestry (NYSE: ), Inc. it is also a fashion firm, and has fashion brands such as Coach and Kate Spade.
On August 10, 2023, Capri and Tapestry announced that they had entered into a merger agreement in which Tapestry would purchase Capri for $57 a share in cash. The acquisition of Capri will bring together three close competitors: Coach's Tapestry and Kate Spade brands and Capri's Michael Kors brand.
According to the class action lawsuit, the defendants failed to show that the intrinsic purpose of the Capri acquisition was to consolidate brands within the affordable handbag market in order to reducing competition, increasing prices, improving profit margins, and reducing consumer choice within that market. As a result, the risk of adverse regulatory action against the proposed merger was higher than represented.
On October 24, 2024, after a seven-day hearing, Judge Jennifer L. Rochon of the US District Court for the Southern District of New York granted the US Federal Trade Commission's motion to preempt Capri's acquisition. In doing so, the court concluded, among other things, that “more concrete evidence” indicated that, contrary to their public statements, the defendants believed that their brands directly competed in the well-defined “accessible handbag market”.
In the news, Capri's share price fell from $41.60 per share on October 24, 2024 to a closing price of $21.26 per share on October 26, 2024, a decrease of $20.34 per share, nearly 50%.
To read your rights or more information, CLICK HERE or please contact Berger Montague: Andrew Abramowitz e aabramowitz@bm.net or (215) 875-3015, or Peter Hamner at phamner@bm.net.
The lead plaintiff is the representative party acting on behalf of all class members in the management of the lawsuit. The lead plaintiff is usually an investor or a small group of investors who have a substantial financial interest and who are sufficient and similar to the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not, however, affected by the decision whether or not you serve as the lead plaintiff. Communicating with any advice does not require you to participate or share in any recovery achieved in this situation. Any in-demand class member may proceed with the Court acting as lead plaintiff through counsel of his or her own choosing, or may choose to remain inactive and remain an inactive class member.
Berger Montague, with offices in Philadelphia, Minneapolis, Delaware, Washington, DC, San Diego, San Francisco and Chicago, has been a pioneer in securities class action litigation since its founding in 1970. decades and serves as lead counsel in courts throughout the United States.
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