Capri (CPRI) Prnewswire·2025-01-07 10:45Core Viewpoint - A class action securities lawsuit has been filed against Capri Holdings Limited, alleging securities fraud that affected investors between August 10, 2023, and October 24, 2024 [1]. Group 1: Lawsuit Details - The lawsuit claims that Capri Holdings and Tapestry made false statements regarding the accessible luxury handbag market, asserting it is a distinct market within the overall handbag market [1]. - It is alleged that Capri and Tapestry maintained separate production facilities and supply chains for their accessible luxury handbags, differentiating them from luxury and mass market handbags [1]. - The complaint states that Capri and Tapestry viewed Coach and Michael Kors as their closest competitors, while not considering their brands in direct competition with luxury or mass market handbags [1]. - The lawsuit argues that a primary reason for the acquisition of Capri by Tapestry was to consolidate brands within the accessible luxury handbag market, aiming to reduce competition and increase prices [1]. - As a result of these actions, the risk of regulatory actions or the acquisition being blocked was higher than what was represented by the defendants [1]. Group 2: Next Steps for Investors - Investors who suffered losses in Capri Holdings during the specified timeframe have until February 21, 2025, to request to be appointed as lead plaintiff [2]. - Class members may be entitled to compensation without any out-of-pocket costs or fees, and participation does not require serving as a lead plaintiff [2]. Group 3: Firm Background - Levi & Korsinsky has a history of securing hundreds of millions of dollars for shareholders and has extensive expertise in complex securities litigation [3]. - The firm has been recognized in ISS Securities Class Action Services' Top 50 Report for seven consecutive years as one of the leading securities litigation firms in the United States [3].