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Case ID: 4876 | Stocks | 07/27/2006
A class action has been filed against Zale Corporation (ZLC), certain of its officers and directors by stockholders who purchased the company's common stock between February 18, 2005 and May 5, 2006. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock.
According to a press release dated July 19, 2006, the Complaint alleges that Defendants violated federal securities laws by issuing a series of materially false statements. Specifically, the representations in the Company's reported results of operations materially overstated Zale's net cash flows and free operating cash flows. In addition, the Company improperly accounted for extended service agreements, leases and accrued payroll. The complaint further alleges that on or around April 10, 2006, before the open of regular trading, the truth began to emerge as Zale announced that the SEC had initiated a broad investigation into many aspects of the Company's accounting, operations and disclosure practices, including Zale's accounting for extended service agreements, leases and accrued payroll, executive compensation and severance, earnings guidance, stock trading and the timing of vendor payments. In reaction to this announcement, the price of Zale stock fell from $27.80 per share on April 7, 2006 to $25.16 per share on April 10, 2006. Then on Friday, May 5, 2006, after the market closed, Zale announced that it had replaced its Chief Financial Officer, Defendant Lenz, after discovering that the Company improperly inflated its reported net cash flows and free cash flows. On this news, the price of Zale stock dropped by $0.44 per share to close at $24.18 on May 8, 2006. If you bought Zale Corporation securities between February 18, 2005 and May 5, 2006, inclusive, and would like to obtain information about the Zale Corporation lawsuit, then you are invited to call (866) 467-1400 to speak with an attorney. At Lawcash.com, it is our goal to keep you informed about important legal cases, class actions and settlements. Our lawyers offer free legal evaluations in tort cases, class actions, personal injury, and other lawsuits because we are dedicated to helping you resolve your legal complaints. Other Stocks Cases of Interest Kahn Gauthier Swick, LLC ("KGS") has filed the first class action lawsuit in the United States District Court for the Northern District of California, on behalf of shareholders who purchased, exchanged or otherwise acquired the common stock of Pegasus Wireless Corp. ("Pegasus" or the "Company'') (OTC BB: PGWC.OB) between December 22, 2005 and September 5, 2006 (the "Class Period").
A class action has been filed against Herley Industries, Inc. (HRLY), certain of its officers and directors by stockholders who purchased the company's common stock between October 1, 2001 and June 14, 2006. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. Several class actions have been filed against technology company Mobility Electronics, Inc. (Nasdaq: MOBE) and certain of its officers and directors by stockholders who purchased the company's common stock between September 2, 2003, and January 5, 2004. The actions claim that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. A class action has been filed against InfoSonics Corporation (IFO), certain of its officers and directors by stockholders who purchased the company's common stock between May 8, 2006 and June 12, 2006. The action claims that the defendants violated federal securities laws by issuing a series of material misrepresentations to the market over this time period, thereby artificially inflating the price of the company's securities. The stockholders seek to recover compensatory damages for the loss of value of their stock. A class action has been filed against crude oil marketer and transporter EOTT Energy Partners, L.P. (OTCBB: EOTTV, formerly NYSE: EOT and Pink Sheets: EOTPQ) and certain of its officers and directors by investors who purchased the company's units between July 2, 2001, and January 22, 2002. The parties have reached a tentative $8 million partial settlement in an action filed against AMF Bowling, Inc. (Pink Sheets: AMBWQ.PK) and certain of its officers and directors by stockholders who purchased the company's common stock pursuant to the registration statement for the November 1997 initial public offering before February 26, 1999. The action continues against the remaining institutional defendants. Proof of claim documents must be postmarked on or before October 29, 2004, to be considered valid. |
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