Shareholder rights law firm Johnson & Weaver, LLP has commenced an investigation into whether certain officers and directors of Select Comfort Corporation (Nasdaq: SCSS) violated state or federal laws.
The investigation of Select Comfort is related to statements issued by the Company concerning comparable sales and earnings outlook. On October 16, 2013, after the market close, the Company issued its quarterly report for the period ended September 28, 2013, in which it announced that Company-controlled comparable sales declined 1% year-over-year. The price of Select Comfort shares declined over 25% in early morning trading on October 17, 2013 following this news.
The investigation will determine whether stockholders were misled concerning prospects of sales and earnings growth. Jim Baker, lead analyst for Johnson & Weaver, stated that, “Analysts seem to be skeptical as to Select Comfort’s comments regarding sales and profitability outlook.” Baker continued, “One analyst in a recent conference call questioned the CEO about the Company’s ability to predict aggressive same-store sales comp growth.”
If you have information that could assist in this investigation, or if you are a Select Comfort shareholder and are interested in learning more about the investigation or your legal rights and remedies, please contact Jim Baker (firstname.lastname@example.org) by email or by phone at 619-230-0063, Ext. 118.
Johnson & Weaver, LLP is a nationally recognized shareholders’ rights law firm. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonandweaver.com.