USA: Warnaco In Trouble As Shareholders File Class Action
On August 22, 2000 a Class Action was filed in the US District Court for the Southern District of New York on behalf of all persons and entities who purchased Warnaco Group, Inc (NYSE: WAC) common stock during the period from December 11, 1997 through July 20, 2000 (the "Class Period "), by attorneys Laurence D. Paskowitz, Esq. and Roy L. Jacobs, Esq. Counsel have many years of successful experience in litigating class actions. The lawsuit alleges that during the Class Period, Warnaco and two of its top officers and directors issued materially false and misleading statements regarding Warnaco's earnings, prospects and business practices. In particular, the suit alleges that Warnaco inflated sales through knowing violations of a jeanswear distribution license obtained from Calvin Klein, Inc and the Calvin Klein Trademark Trust ("Klein"). On May 30, 2000, Klein sued Warnaco over these alleged violations. The suit also asserts that Warnaco stock was inflated during the Class Period by misleading earnings forecasts, and that all of the alleged misconduct was motivated by the defendants' interest in profiting from salary, bonuses and stock sales. The complaint further alleges that, during the Class Period, Warnaco and certain of its officers and directors, violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by the issuance of the materially false public statements described above. Plaintiff seeks to recover damages on behalf of the Class and is represented by Laurence D. Paskowitz, Esq. and Roy Jacobs, Esq., attorneys with many years of experience in prosecuting investor class actions. Please contact the undersigned if you have any questions about this Notice, the action, or your rights. You may also learn more about class actions in general by visiting
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