Lawsuit Overview
November 10, 2010 - The court granted the voluntary dismissal and dismissed the case with prejudice.
November 9, 2010 - The parties filed a stipulation of voluntary dismissal.
September 30, 2010 - The court granted in part and denied in part defendants' motions to dismiss with leave to amend.
February 26, 2010 - Defendants filed motions to dismiss.
February 11, 2010 - The lead plaintiffs filed a corrected amended consolidated complaint on behalf of investors who purchased Bare Escentuals Inc (NASDAQ: BARE) common shares between September 28, 2006 and October 30, 2008. The plaintiffs allege that the defendants violated the Securities Act of 1933 and the Securities Exchange Act of 1934 by issuing false and misleading statements between September 28, 2006 and October 30, 2008.
December 23, 2009 - The lead plaintiffs filed an amended consolidated complaint on behalf of investors who purchased Bare Escentuals Inc (NASDAQ: BARE) common shares between September 28, 2006 and October 31, 2008. The plaintiffs allege that the defendants violated the Securities Act of 1933 and the Securities Exchange Act of 1934 by issuing false and misleading statements between September 28, 2006 and October 31, 2008.
October 15, 2009 - Lead plaintiffs and lead counsel were appointed and all cases were consolidated.
September 16, 2009 - Lead plaintiff motion was filed.
July 17, 2009 - An investor in shares of Bare Escentuals Inc (NASDAQ: BARE) filed a lawsuit in the U.S. District Court for the Northern District of California on behalf of purchasers of the common stock of Bare Escentuals Inc between November 7, 2006 and November 26, 2007, alleging Bare Escentuals Inc violated Federal Securities Laws.
According to the complaint the plaintiff alleges that Bare Escentuals Inc (NASDAQ: BARE) and certain of its executives violated the Exchange Act by failing to disclose between November 7, 2006 and November 26, 2007 material adverse facts about Bare Escentuals Inc‘s true financial condition, business and prospects. On August 1, 2007, Bare Escentuals Inc announced its financial results for the second quarter of fiscal 2007, the period ended July 1, 2007. That same day, Bare Escentuals Inc held a conference call with investors and analysts to discuss its earnings and operations, during which it was revealed that its infomercial sales were weakening. In response to this announcement, the price of Bare Escentuals Inc common stock (NASDAQ: BARE) fell $3.55 per share, or approximately 13%, to close at $24.75 per share.
Then on October 31, 2007, Bare Escentuals Inc announced its financial results for the third quarter of fiscal 2007, the period ended September 30, 2007. Following the press release, Bare Escentuals Inc held a conference call with investors and analysts to discuss its earnings and operations, during which it was revealed that it had seen continued weakness in its infomercial business. In response to this announcement, so the lawsuit, the price of Bare Escentuals Inc common stock fell $2.24 per share, or approximately 8%, to close at $24.70 per share. On November 26, 2007, Bare Escentuals Inc announced that President of Wholesale Sales Diane Miles had resigned to “pursue other opportunities, effective immediately,” which resulted in shares of Bare Escentuals Inc stock NASDAQ: BARE falling $3.42 per share over the next two trading days, to close at $19.75 per share on November 28, 2007.
Bare Escentuals Inc, located in San Francisco, California, develops, markets and sells cosmetics, skin care and body care products under its bareMinerals, RareMinerals, Buxom and md formulations brands worldwide. Shares of Bare Escentuals Inc (NASDAQ: BARE) closed on Friday, July 17, 2009, at $8.00 per share, down from a 52weekHigh of $18.77 per share, $27.38 per share in February 2008, and over $40 per share in 2007. Bare Escentuals Inc reported in 2007 Total Revenue of $511million with a Net Income of $88.07million and in 2008 Total Revenue of $556.16million with a Net Income of $97.96million.