Robbins Arroyo LLP Announces that the U.S. Court of Appeals Denies RH’s Petition to Appeal Class Certification in Securities Class Action
SAN DIEGO & CORTE MADERA, Calif.--(BUSINESS WIRE)--Jan 30, 2019--Shareholder rights law firm Robbins Arroyo LLP is investigating whether certain officers and directors of RH (NYSE: RH) breached their fiduciary duties to shareholders. RH, together with its subsidiaries, operates as a retailer in the home furnishings market.
In an order filed January 24, 2019, the U.S. Court of Appeals for the Ninth Circuit denied RH’s petition for permission to appeal the district court’s order granting class action certification. In a hearing on October 1, 2018, the Honorable Yvonne Gonzalez Rogers of the U.S. District Court for the Northern District of California granted the plaintiffs’ motion to certify a class of investors who acquired RH stock between March 26, 2015 and June 8, 2016. The order is the latest development in a consolidated class action complaint against RH arising from defendants’ misleading statements regarding the launch of RH’s new product line, RH Modern, and the company’s inventory levels. The investors claim that RH aggressively marketed its new line with photo-edited images of products that did not exist, resulting in yearlong delays in delivery and canceled orders from its customers. When RH disclosed its inventory troubles, the company’s stock plunged 75%, erasing more than $3 billion in shareholder value.
View this information on the law firm’s Shareholder Rights Blog: https://www.robbinsarroyo.com/rh-jan-19/
RH Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leonid Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm’s website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. The firm offers a stock monitoring service: Stock Watch. Sign up for free today.
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View source version on businesswire.com:https://www.businesswire.com/news/home/20190130005882/en/
CONTACT: Leonid Kandinov
Robbins Arroyo LLP
5040 Shoreham Place
San Diego, CA 92122
(619) 525-3990 or Toll Free (800) 350-6003
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES LEGAL
SOURCE: Robbins Arroyo LLP
Copyright Business Wire 2019.
PUB: 01/30/2019 06:27 PM/DISC: 01/30/2019 06:26 PM