Capri (US:CPRI) Prnewswireยท2025-01-16 10:45Core Viewpoint - The Gross Law Firm has issued a notice to shareholders of Capri Holdings Limited regarding a class action lawsuit alleging misleading statements and omissions related to the accessible luxury handbag market and the acquisition by Tapestry [1][2]. Group 1: Allegations - The complaint claims that during the class period from August 10, 2023, to October 24, 2024, defendants made materially false and misleading statements about the accessible luxury handbag market being distinct from other markets [2]. - It is alleged that Capri and Tapestry maintained separate production facilities and supply chains for their accessible luxury handbags, confirming the market's distinct nature [2]. - 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 [2]. - A key internal rationale for the acquisition of Capri by Tapestry was to consolidate brands within the accessible luxury handbag market to reduce competition and increase prices [2]. - The risk of regulatory actions or the acquisition being blocked was reportedly higher than what was represented by the defendants [2]. Group 2: Next Steps for Shareholders - Shareholders who purchased shares of Capri during the specified class period are encouraged to register for the class action by February 21, 2025, to potentially become lead plaintiffs [3]. - Once registered, shareholders will receive updates through a portfolio monitoring software regarding the case's progress [3]. Group 3: Law Firm's Mission - The Gross Law Firm aims to protect investors' rights who have suffered due to deceit and illegal business practices, ensuring companies adhere to responsible business practices [4].