Investigation Overview
A lawsuit on behalf of investors, who purchased their The Men's Wearhouse, Inc. (Public, NYSE:MW) shares between 7, 2007 and January 9, 2008, alleging violations of Federal Securities Laws by The Men's Wearhouse and others is currently pending in the United States District Court for the Southern District of Texas. In addition an investigation on behalf of long term investors of The Men's Wearhouse, Inc. (Public, NYSE:MW), who currently hold their MW shares, focusing on potential claims against certain directors and officers of The Men's Wearhouse, Inc. ( NYSE:MW) was announced.
An investor in The Men's Wearhouse, Inc. (Public, NYSE:MW) has filed a lawsuit against the Men's Wearhouse Inc. (MW) and others over alleged violations of Federal Securities laws by issuing between March 7, 2007 and January 9, 2008 numerous positive statements regarding the Men's Wearhouse, Incs financial condition, business and prospects and that these statements were materially false and misleading because defendants failed to disclose adverse facts. Then on January 9, 2008, Mens Wearhouse announced its mid fourth quarter update for the quarter ending February 2, 2008. In response to the Companys reduced guidance for fiscal 2007, the price of Mens Wearhouse common stock fell $7.60 per share, or 30%, to close at $17.84 per share, on January 10, 2008, on extremely heavy trading volume.
The Mens Wearhouse, Inc. located in Houston, Texas, is a specialty retailer of mens suits, and provider of tuxedo rental product in the United States and Canada. As of January 31, 2009, the Company operated 805 retail apparel stores, with 688 stores in the United States and 117 stores in Canada, and 489 tuxedo rental stores in the United States. The Mens Wearhouse reported in 2007 (ending on 02/02/2008) Total Revenue of $2.11256billion with a Net Income of $147.04million and in 2008 (ending on 01/31/2009) Total Revenue of $1.97242billion with a Net Income of $58.84million. Shares of The Mens Wearhouse traded recently at $25.73 per share, down form its 52weekHigh of $27.67 per share and almost $55 per share in 2007.