Why Tiffany Shares Dropped 10% Today

Shares of Tiffany (NYSE: TIF) were down 10% as of 11 a.m. EDT on Wednesday after the jeweler announced it has filed a lawsuit against European luxury retailer LVMH Moet Hennessy -- Louis Vuitton (OTC: LVMUY). 

The dispute involves a previously announced merger agreement; LVMH said it would not be able to meet a Nov. 24 deadline to close the $16 billion acquisition of Tiffany. 

Image source: Getty Images.

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Source Fool.com