Stock Alert: Tiffany Tumbles 10% After Filing Lawsuit Against LVMH

(RTTNews) - Shares of Tiffany & Co. (TIF) are losing more than 10 percent or $12.54 in Wednesday's morning trade at $109.27 after the luxury jewelry brand filed a lawsuit against French luxury products maker LVMH Mot Hennessy-Louis Vuitton SE (LVMHF.PK, LVMUY.PK) to enforce the merger agreement between the two companies. LVMH said it will not be able to complete the Tiffany acquisition.

Tiffany said Wednesday it has filed a lawsuit in the Court of Chancery of the State of Delaware against LVMH. Among other things, the lawsuit is seeking an order requiring LVMH to abide by its contractual obligation under the merger agreement dated November 24, 2019 and complete the transaction on the agreed terms. The transaction had an equity value of about 14.7 billion euros or $16.2 billion.

Tiffany & Co. has traded in a range of $86.39 to $134.42 in the past 52 weeks.