USA: Investors File Class Action Lawsuit Against Guess?
A lawsuit seeking class action status has been filed in the United States District Court for the Central District of California on behalf of all persons who purchased the common stock of Guess? between February 14, 2000 and November 9, 2000, inclusive. The Complaint alleges that Guess? and four of its top officers misled shareholders and the investing public during the Class Period regarding the company's revenues and earnings. Specifically, it is alleged that the defendants reported record revenues for the first quarter of fiscal year 2000, based upon improperly accounting for inventory-related costs and other expenses, in an effort to revive the stock price enough to raise $120m through a planned secondary offering. However, after the stock price failed to go up, the company persisted in improperly accounting for expenses.
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