Philadelphia, Pennsylvania–(Newsfile Corp. – January 23, 2025) – Berger Montague PC advises investors that a securities class action lawsuit has been filed against Capri Holdings (NYSE:) Limited (“Capri” or the “Company”) (NYSE: CPRI) for purchasers of Capri securities between August 10, 2023 to October 24, 2024, inclusive (the “Class Period”).

Investor Deadline: Investors who buy or acquire CAPRI securities during the Class Phase may, not exceed FEBRUARY 21, 2025seek to be appointed as the lead plaintiff representing the class. To learn your rights, CLICK HERE.

Capri is a UK based marketplace of clothing and accessories. It owns many fashion brands, such as Michael Kors, which manufactures and sells handbags, among other things. Tapestry (NYSE:), Inc. is also a fashion company, and it owns fashion brands such as Coach and Kate Spade.

On August 10, 2023, Capri and Tapestry announced that they had entered into a merger agreement under which Tapestry would purchase Capri for $57 per share in cash. The acquisition of Capri will bring together three close competitors: Tapestry’s Coach and Kate Spade brands and Capri’s Michael Kors brand.

According to the class action lawsuit, the defendants failed to disclose that a primary internal rationale for the acquisition of Capri was to consolidate brands within the accessible luxury handbag market in order to reduce competition, raise prices, improve profits, and reduce consumer choice within that market. As a result, the risk of adverse regulatory action against the proposed merger is higher than represented.

On October 24, 2024, after a seven-day hearing, Judge Jennifer L. Rochon of the US District Court for the Southern District of New York granted the US Federal Trade Commission’s motion to enjoin the acquisition of Capri. In doing so, the court ruled, among other things, that the “large body of compelling evidence” shows that, contrary to their public statements, the defendants believe that their brands are direct competitors in a well-defined “accessible luxury handbag market.”

On the news, Capri’s share price fell from $41.60 per share on October 24, 2024 to a closing price of $21.26 per share on October 26, 2024, a drop of $20.34 per share, nearly 50%.

To know your rights or for more information, CLICK HERE or please contact Berger Montague: Andrew Abramowitz at [email protected] or (215) 875-3015, or Peter Hamner at [email protected].

The lead plaintiff is a representative party who acts on behalf of all class members in managing the litigation. The lead plaintiff is usually the investor or a small group of investors who have the largest financial interest and who are also substantial and typical of the proposed class of investors. The lead plaintiff will select an attorney to represent the lead plaintiff and the class and these attorneys, if approved by the court, will be lead or class counsel. Your ability to share in any recovery will not, however, be affected by the decision whether or not to serve as a lead plaintiff. Communicating with any counsel is not necessary to participate or participate in any recovery achieved in this case. Any member of the alleged class may move the Court to serve as a lead plaintiff through counsel of his or her choosing, or may choose to do nothing and remain an inactive member of the class.

Berger Montague, with offices in Philadelphia, Minneapolis, Delaware, Washington, DC, San Diego, San Francisco and Chicago, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague represents individual and institutional investors for more than five decades and has served as lead counsel in courts throughout the United States.

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