Opinion ID: 2982900
Heading Depth: 2
Heading Rank: 6

Heading: April 19 Press Release

Text: On April 19, Tempur-Pedic issued a press release announcing better-than-expected firstquarter results and reaffirming its financial guidance for the full year. The pension funds contend that the reaffirmed guidance falls outside the safe harbor because Tempur-Pedic failed to adequately amend its cautionary language as the threat posed by Serta increased. We have never held that a company’s repeated use of similarly worded warnings renders them meaningless. Further, Tempur-Pedic updated its warning in its 2011 Form 10-K to disclose that “[d]uring the past several years, a number of our competitors, including Sealy, Serta and Simmons, have offered viscoelastic mattress and pillow products, including several new prominent product introductions in 2011.” (R. 91-8, FY 2011 Form 10-K at 5 (emphasis added).) That new - 15 - Case No. 14-5696 Pension Fund Grp. et al. v. Tempur-Pedic Int’l, Inc. et al. language adequately warned investors of the risks posed by Serta’s launch of the iComfort in April 2011.