Samsonite International S.A. (OTCMKTS: SMSEY, SMSOF)
Hagens Berman Sobol Shapiro LLP alerts investors in Samsonite International S.A. (OTCMKTS: SMSEY, SMSOF) to the firm's investigation into possible securities law violations.
If you purchased or otherwise acquired securities of SMSEY or SMSOF before May 26, 2018 and suffered losses contact Hagens Berman Sobol Shapiro LLP. For more infomation contact Reed Kathrein, who is leading the firm's investigation, by calling 510-725-3000 or emailing SMSEY@hbsslaw.com.
On May24, 2018, an analyst accused Samsonite of concealing slowing growth through debt fueled acquisitions and massaging earnings and inflating margins through questionable purchase price accounting.
In addition, the analyst accused the Company’s CEO of falsely holding himself out as a doctor and highlighted certain matters the analyst considered red flags about Samsonite’s South Asian joint venture, manual journal entries, and related party transactions.
This news drove the price of Samsonite securities down $4.09, or 19%, to close at $17.25 on May 25, 2018.
Then, on June 1, 2018, The Wall Street Journal reported CEO Ramesh Tainwala resigned due to personal reasons and separation arrangements are being worked out.
“We’re focused on investors’ losses and the matters identified in the Blue Orca Capital report that, if true, could have seriously misled investors relying on Samsonite’s financial statements,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding Samsonite should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email SMSEY@hbsslaw.com.
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