INVESTOR ALERT: Hagens Berman Reminds La Quinta Holdings Inc. (NYSE: LQ) Investors of June 24, 2016 Lead Plaintiff Deadline in Securities Class Action


SAN FRANCISCO, May 13, 2016 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP, a national investor-rights law firm, reminds La Quinta Holdings Inc. (NYSE:LQ) investors of the June 24, 2016 lead plaintiff deadline.

If you suffered significant losses because of your purchases of LQ between February 25, 2015 and September 17, 2015, or have information that will help our investigation, contact Hagens Berman Partner Reed Kathrein, who is leading the firm’s investigation by calling 510-725-3000, emailing LQ@hbsslaw.com or visiting https://www.hbsslaw.com/cases/LQ.  The lawsuit was filed in the U.S. District Court for the Southern District of New York and investors have until June 24, 2016 to move the court to participate as a lead plaintiff.

The litigation concerns Defendants’ statements about key risks to La Quinta, including lower oil prices on its key Texas market and disruptions caused by the transitioning of the Company’s call center.

On February 4, 2015, CEO Wayne B. Goldberg stated that lower oil prices were good for LQ’s business.  In April, La Quinta completed a secondary public offering in which its largest stockholder, The Blackstone Group L.P., sold 23,862,500 shares of La Quinta common stock to the public for $550.8 million. Then on September 17th La Quinta announced that it was reducing its 2015 financial guidance for a second time in two months as a result of the impact of oil prices, and that CEO Goldberg had stepped down. In response, La Quinta’s common stock price declined more than 15% to close at $16.05 per share on September 18, 2015.

Jim Cramer, host of CNBC’s Mad Money television program stated on his program: “[O]ne of the main reasons we liked La Quinta was because Goldberg was so bullish on his repeated appearances here on Mad Money. Not only that, but whenever there were concerns about the Company, he'd show up and reassure us that there was nothing to worry about. Now Goldberg is gone for who knows what reason and it’s turning out that reassurance were a lot less credible than they had seemed.”

Whistleblowers: Persons with non-public information regarding La Quinta, Inc. should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower 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 LQ@hbsslaw.com.

About Hagens Berman
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