NEW YORK, Nov. 4, 2005 (PRIMEZONE) -- Murray, Frank & Sailer LLP announces that a class action lawsuit has been filed in the United States District Court for the Eastern District of Kentucky, on behalf of shareholders who purchased or otherwise acquired the securities of Tempur-Pedic International, Inc. ("Tempur-Pedic" or the "Company") (NYSE:TPX) between April 22, 2005 and September 19, 2005, inclusive (the "Class Period").
The complaint charges Tempur-Pedic, Dale E. Williams, Robert B. Trussell, Jr., H. Thomas Bryant and P. Andrews McLane with violations of the Securities Exchange Act of 1934, alleging the Company failed to disclose and misrepresented material adverse facts, which the Company knew or recklessly disregarded. Specifically, the Company failed to disclose that demand for Tempur-Pedic's expensive visco-elastic mattresses had lessened, despite the Company's public expressions; and that the Company's niche sector faced competition in the form of cheaper offerings from Sealy, Simmons Bedding, and Serta International. Despite the foregoing material problems the Company faced, the Company continued to issue encouraging statements about Tempur-Pedic's business prospects and market position without reasonable basis for doing so.
On September 19, 2005, Tempur-Pedic lowered its financial guidance for fiscal 2005 On this news, shares of Tempur-Pedic common stock fell $4.68 per share, or 28.5 percent, on September 19, 2004, to close at $11.70 per share.
Murray, Frank & Sailer LLP and its predecessor firms have devoted its practice to shareholder class actions and complex commercial litigation for more than fifteen years and have recovered hundreds of millions of dollars for shareholders in class actions throughout the United States.
If you purchased or otherwise acquired Tempur-Pedic securities on any world exchange between April 22, 2005 and September 19, 2005, and sustained damages, you may, no later than December 6, 2005, move the Court to serve as lead plaintiff. Shareholders outside the United States may also join the action, regardless of which exchange was used to purchase the securities. To serve as lead plaintiff, however, you must meet certain legal requirements. You can join this class action as lead plaintiff online at http://www.murrayfrank.com/CM/NewCases/NewCases.asp. If you would like to discuss this action, this announcement, or your rights and interests, please contact plaintiff's counsel Eric J. Belfi, Christopher Hinton or Bradley Dyer of Murray, Frank & Sailer LLP.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca