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Liz Claiborne Inc (NYSE: LIZ) Investor Securities Class Action Lawsuit 04/28/2009

  • If you purchased shares of Liz Claiborne Inc (NYSE: LIZ), you might have certain options and should contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Case Dismissed
Company
Liz Claiborne, Inc.
Security
NYSE: LIZ

Case Name
Liz Claiborne Shareholder Class Action Lawsuit 04/28/2009
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of New York

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

September 29, 2011 - The court granted defendants' motion to dismiss and dismissed the case with prejudice.
October 4, 2010 - Defendants filed a motion to dismiss.

August 23, 2010 - The lead plaintiff filed a second amended complaint.

April 19, 2010 - The lead plaintiff filed an amended complaint on behalf of investors who purchased Liz Claiborne Inc (NYSE: LIZ) common shares between January 16, 2007 and April 30, 2007. The plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between January 16, 2007 and April 30, 2007.

February 17, 2010 - Lead plaintiff and lead counsel were appointed.

June 29, 2009 - Lead plaintiff motions were filed.

April 28, 2009 - An investor in shares of Liz Claiborne Inc (NYSE: LIZ) filed a lawsuit in the U.S. District Court for the Southern District of New York on behalf of all persons or entities who purchased or otherwise acquired the securities of Liz Claiborne Inc (NYSE: LIZ), between February 28, 2007 and April 30, 2007 against Liz Claiborne Inc and certain of its current and former executive officers over alleged violations of federal securities laws.

According to the complaint the plaintiff alleges that Liz Claiborne Inc and certain of its current and former executive officers violated federal securities laws by knowing or recklessly disregarding between February 28, 2007 and April 30, 2007 that their public statements concerning its business, operations and prospects were materially false and misleading. Specifically, so the lawsuit, on May 1, 2007, Liz Claiborne Inc reported an approximately 65 percent drop in earnings, forecasted an unexpected decline in annual profit, and disclosed massive cutbacks in orders from Macy's. Moreover, Liz Claiborne Inc announced that Macy's reduced orders were a reaction to the new Liz & Co. and CONCEPTS by Claiborne brands launched at JCPenney. On this news, shares of Liz Claiborne Inc declined $7.72 per share, more than 17%, to close on May 1, 2007 at $37.00 per share, on unusually heavy trading volume.

Liz Claiborne Inc, incorporated in January 1976, designs and markets a global portfolio of retail-based brands. Liz Claiborne Inc is located in New York and had a total revenue in 2007 of $4.441billion and in 2008 of $3.984billion. Shares of Liz Claiborne Inc (NYSE: LIZ) traded recently at $3.88 per share, down from $22.71 per share in 2008 and $46.15 per share in 2007.