NEW YORK, April 29, 2016 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of purchasers of La Quinta Holdings Inc. (NYSE:LQ) (“La Quinta” or the “Company”) common stock pursuant to the Company’s secondary public offering on or about March 24, 2015, as well as purchasers of La Quinta common stock purchased between February 25, 2015 and September 17, 2015, inclusive (the “Class Period”). 

Shareholders who have purchased La Quinta Holdings Inc. securities are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774.

If you purchased shares of La Quinta Holdings Inc. during the Class Period and suffered a loss, you may request that the Court appoint you lead plaintiff of the proposed class no later thanJune 24, 2016.

The filed complaint accuses the defendants of violations of the Securities Exchange Act of 1934 and the Securities Act of 1933 by virtue of the defendants’ failure to disclose during the Class Period that La Quinta was experiencing declining customer demand and market share losses due, in part, to: certain of La Quinta's facilities being outdated and in need of major renovation, necessitating that the company make significant capital expenditures and undergo operational disruptions; on-going disruptions caused by the transitioning of the Company's call center operations; and La Quinta’s overstatement of the amounts buyers were willing to pay for certain of its properties.

According to the complaint, following the July 29, 2015 announcement that earnings had been adversely affected by a $4 million loss on the sale of a property and an approximate $42 million impairment charge associated with the potential sale of 24 Company-owned hotels and the September 17, 2015 Company announcement that it had further reduced its 2015 financial guidance and that its President and Chief Executive Officer had stepped down from his leadership positions in the Company by mutual agreement with the Company's Board of Directors, the value of La Quinta shares declined significantly.

Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country.  The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.

If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein Adler Freeman & Herz LLP by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.  All e-mail correspondence should make reference to the “La Quinta investigation.”

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Contact:

Wolf Haldenstein Adler Freeman & Herz LLP 
Patrick Donovan, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, donovan@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774