US: Zumiez shareholder litigation quashed
Shareholder litigation against the management of active sports retailer Zumiez has been quashed by a court ruling.
The company said the US District Court for the Western District of Washington had dismissed a securities class action brought against Zumiez and three of its officers and directors.
The action, said to be on behalf of all investors who bought Zumiez stock between 14 March 2007 and 4 January 2008, alleged that Zumiez and certain individuals made "materially false and misleading" statements and engaged in insider trading.
Zumiez said the court had dismissed the case "with prejudice" and without listening to oral argument.
A related shareholder derivative action had since been voluntarily dismissed, the company added.
"We are pleased to have these lawsuits behind us, and agree with the district court's decision to dismiss the securities case at the earliest possible stage, which was based on its finding that the claims in that case were 'flawed on every level'," said Zumiez CEO Rick Brooks.
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