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Capri Holdings Limited

Securities Class Action

  • Date:
  • 2/21/2025
  • Company Name:
  • Capri Holdings Limited
  • Stock Symbol:
  • CPRI
  • Class Period:
  • FROM 8/10/2023 TO 10/24/2024
  • Status:
  • Filed
  • Filing Date:
  • 12/23/2024
  • Court:
  • U.S. District Court: District of Delaware

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Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, announces that a class action lawsuit has been filed against Capri Holdings Limited (“Capri” or the “Company”) (NYSE:CPRI) in the United States District Court for the District of Delaware on behalf of all persons and entities who purchased or otherwise acquired Capri securities between August 10, 2023 and October 24, 2024, both dates inclusive (the “Class Period”). Investors have until February 21, 2025 to apply to the Court to be appointed as lead plaintiff in the lawsuit.

The Capri class action lawsuit alleges that defendants made false and/or misleading statements and/or failed to disclose that: (i) the accessible luxury handbag market is a distinct and well-defined market within the overall handbag market and understood as such by the individual defendants, as well as by other Capri and Tapestry executives; (ii) Capri and Tapestry maintained analogous production facilities and supply chains for their accessible luxury handbags that were distinct from the production facilities and supply chains used to manufacture luxury or mass market handbags, confirming that the accessible luxury handbag market is distinct from the mass market and luxury handbag markets; (iii) Capri and Tapestry internally considered Coach and Michael Kors to be each other's closest and most direct competitors; (iv) that, conversely, Capri and Tapestry did not internally consider their handbag brands to be in direct competition with luxury handbags or mass market handbags; (v) a primary internal rationale for the Capri acquisition was to consolidate prevalent brands within the accessible luxury handbag market so as to reduce competition, increase prices, improve profit margins, and reduce consumer choice within that market; and (vi) as a result of the above, the risk of adverse regulatory actions and/or the Capri acquisition being blocked was materially higher than represented by defendants.
 
The Capri class action lawsuit further alleges that after a seven-day hearing, on October 24, 2024, Judge Jennifer L. Rochon of the U.S. District Court for the Southern District of New York granted the U.S. Federal Trade Commission's motion to preliminarily enjoin the Capri acquisition. In doing so, the court determined, among other things, that a "substantial body of compelling evidence" demonstrated that, in contrast to their public statements, defendants themselves believed that their brands were direct competitors in a well-defined "accessible luxury handbag market." On news, the price of Capri stock fell by nearly 50%.
 
If you purchased or otherwise acquired Capri shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Marion Passmore by email at investigations@bespc.com, telephone at (212) 355-4648, or by filling out the form below.  There is no cost or obligation to you.
Contact Instructions
Please contact Brandon Walker by email at investigations@bespc.com with any questions about this case.
The individual or institution below (“Plaintiff”) has reviewed and agrees to the Bragar Eagel & Squire, P.C. (“BESPC”) retainer agreement and authorizes BESPC to prosecute an action on Plaintiff’s behalf under the federal securities laws or applicable state laws to recover damages on behalf of investors in Capri Holdings Limited. BESPC will prosecute the action on a full contingency basis and will forward all costs and expenses.
 

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