Capri (US:CPRI) GlobeNewswire News Roomยท2025-02-17 13:33Group 1 - A securities class action lawsuit has been filed against Capri Holdings Limited on behalf of purchasers of Capri securities from August 10, 2023, to October 24, 2024 [1][2] - Capri is a UK-based company that owns several fashion brands, including Michael Kors, which specializes in handbags and accessories [2] - On August 10, 2023, Capri and Tapestry announced a merger agreement where Tapestry would acquire Capri for $57 per share in cash, combining their brands in the accessible luxury market [3] Group 2 - The class action lawsuit alleges that the defendants failed to disclose that the primary reason for the acquisition was to consolidate brands to reduce competition, increase prices, and improve profit margins [4] - On October 24, 2024, a U.S. District Court granted a motion to preliminarily enjoin the Capri acquisition, citing evidence that the brands were direct competitors in the accessible luxury handbag market [5] - Following the court's decision, Capri's share price dropped from $41.60 to $21.26, a decline of nearly 50% [5]