Capri (CPRI) Prnewswire·2025-02-20 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 accessible luxury handbags, confirming the market's distinct nature [2]. - The complaint states that Capri and Tapestry viewed Coach and Michael Kors as direct 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 timeframe are encouraged to register for the class action by February 21, 2025, to potentially become lead plaintiffs [3]. - Registered shareholders will receive updates through a portfolio monitoring software throughout the case lifecycle [3]. Group 3: Law Firm Background - The Gross Law Firm is a nationally recognized class action law firm dedicated to protecting investors' rights against deceit and illegal business practices [4]. - The firm aims to ensure companies adhere to responsible business practices and seeks recovery for investors who suffered losses due to misleading statements [4].