Children’s Place Retail Stores In Class Action Lawsuit Loom
A class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all persons who purchased the common stock of The Children’s Place Retail Stores, Inc. between August 3, 2006 to August 23, 2007.
The Complaint charges that The Children’s Place and certain of its officers and directors violated federal securities laws. Specifically, defendants issued materially false statements that failed to disclose the following: (i) the Company was experiencing difficulties meeting certain deadlines for the remodeling and maintenance of its Disney stores and Disney was not satisfied with the Company’s performance under their agreement; (ii) that, as a result of the Company’s performance issues, the Company’s exclusive ability to contract, manufacture, source, offer and sell merchandise featuring Disney-branded characters, past, present and future was at risk of being materially altered and/or lost completely; and (iii) as a result of the foregoing, Defendants lacked a reasonable basis for their positive statements about the Company, its prospects and revenue growth.
If you are a member of the class, you may, no later than November 20, 2007, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members, including decisions concerning settlement. The securities laws require the Court to consider the class member(s) with the largest financial interest as presumptively the most adequate lead plaintiff(s).
Filed under Class Action, General Law
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