April 15, 2020 - The case was voluntarily dismissed.

March 3, 2020 - An amended complaint was filed.

November 26, 2019 - The case was transferred to the U.S. District Court for the Northern District of Texas by court order. November 7, 2019 - An investor in shares of Tandy Leather Factory, Inc. (NASDAQ: TLF) filed a lawsuit in the U.S. District Court for the Central District of California over alleged violations of Federal Securities Laws by Tandy Leather Factory, Inc. in connection with certain allegedly false and misleading statements made between March 7, 2018 and August 15, 2019.

Fort Worth, TX based Tandy Leather Factory, Inc. operates as a retailer and wholesale distributor of a range of leather and leathercraft related items in North America and internationally. Tandy Leather Factory, Inc. reported that its annual Total Revenue rose from $82.32 million in 2017 to $83.09 million in 2018 and that its Net Income declined from $4.45 million in 2017 to $19.6 million in 2018.

On August 13, 2019, after market, Tandy Leather Factory disclosed that it would not timely file its quarterly report for the period ended June 30, 2019, citing an Audit Committee investigation related to “certain aspects of the Company's methods of valuation and expensing of costs of inventory and related issues regarding the Company's business and operations.”

Then, on August 15, 2019, after the market closed, Tandy Leather Factory disclosed that it was unable to timely file the Company’s quarterly report for the period ended June 30, 2019 due to the Audit Committee’s investigation.

On October 18, 2019, Tandy Leather Factory, Inc revealed that certain financial statements should no longer be relied upon, citing “misstatements primarily relating to the Company’s methods of valuation and expensing of costs of inventory and related issues.” It also disclosed that its Chief Financial Officer and Treasurer, Tina Castillo, had resigned from her positions.

According to the complaint the plaintiff alleges on behalf of purchasers of Tandy Leather Factory, Inc. (NASDAQ: TLF) common shares between March 7, 2018 and August 15, 2019, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between March 7, 2018 and August 15, 2019, the Defendants failed to disclose to investors that certain costs of inventory had been improperly valued and expensed, that, as a result, the Company’s financial results for certain periods were misstated, that the Company lacked effective internal control over financial reporting, that there was a material weakness in the Company’s internal control over financial reporting, and that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.