Berman, DeValerio & Pease LLP, a law firm specializing in representing shareholders in class action lawsuits, issues the following press release:

Steven Madden Ltd (the ``Company'') (Nasdaq: SHOO - news) was named as a defendant in a shareholder class action filed in the United States District Court for the Eastern District of New York, Civil Action No. 00-4289 against defendants Steven Madden Ltd, Steven Madden (``Madden''), Rhonda J. Brown, and Arvind Dharia. The action, brought by Berman, DeValerio & Pease, LLP, www.bermanesq.com, seeks damages for violations of the federal securities laws on behalf of all investors who purchased the company's common stock during the period between November 3, 1999 through and including June 20, 2000 (the ``Class Period'').

The lawsuit charges Steven Madden Ltd and the above-named officers with violations of the federal securities laws by issuing materially false and misleading statements concerning the company's business and financial condition during the Class Period. As alleged in the complaint, defendants failed to disclose, among other things: (a) that defendant Madden had participated in a scheme to manipulate the initial public offerings of over twenty companies with the brokerage firm of Stratton Oakmont and Monroe Parker, Inc; (b) that the company's projections of future success lacked a reasonable basis at all times because defendant Madden's ability to continue in his role at the company was subject to increased risk and uncertainty given his involvement in the aforementioned scheme; and (c) that due to defendant Madden's involvement in the aforementioned scheme, his ability to continue to operate and direct the operations of the company was subject to increased risk in that he would be unable to continue in his roles at the company and, accordingly, the company's operations would be adversely affected.

If you purchased Steven Madden Ltd common stock during the Class Period and suffered a loss on your investment, you may wish to contact the lawyers at Berman, DeValerio & Pease LLP to discuss your rights and interests:

  • Alicia M. Duff, Esq.
  • Jeffrey C. Block, Esq.
  • Berman, DeValerio & Pease LLP
  • One Liberty Square
  • Boston, MA 02109
  • E-Mail: bdplaw@bermanesq.com.
  • (800) 516-992

To learn more about this action, other cases or class actions in general, you can also visit our website at www.bermanesq.com.

If you wish to apply to be Lead Plaintiff in this action, a motion must be filed on your behalf with the court no later than August 21, 2000. To be a member of the class you need not take any action at this time and you may retain counsel of your own choice. To serve as lead plaintiff, however, you must meet certain legal requirements. You may contact the attorneys at Berman, DeValerio & Pease LLP to discuss your rights regarding the appointment of lead plaintiff and your interest in the class action.

With offices in Boston and San Francisco, Berman, DeValerio & Pease LLP has extensive experience prosecuting shareholder class actions. The firm has been appointed lead counsel in numerous actions involving companies that have issued false and misleading statements, has successfully litigated these actions, and has been singled out for its excellence by many courts. The firm prides itself on its responsiveness to shareholders and their needs in particular cases.