Case Page

 

Case Status:    SETTLED
On or around 09/19/2000 (Date of order of final judgment)

Filing Date: October 29, 1998

According to the Company’s FORM 10-K For the Fiscal Year Ended September 30, 2001, after the Court granted plaintiff's motion for class certification, the parties reached a settlement agreement in May 2000, which was approved by the Court in September 2000. The parties agreed to settle the litigation for $2,350, all of which was covered by insurance.

On January 11, 1999, the Court entered the Order consolidating several class actions, and further, appointed the Guilford Mills Shareholders as lead plaintiffs and appointed Executive Committee. On February 8, 1999, a Consolidated Amended Complaint was filed and the defendants responded by filing motions to dismiss the Consolidated Amended Complaint. On July 21, 1999, the Court entered the Memorandum and Order dismissing the action as to one of the individual defendants, and denying the motion in all other respects. On September 7, 1999, a Consolidated and Amended Class Action Complaint was filed. On March 22, 2000, the Court entered the Memorandum Decision granting the plaintiffs’ motion for class certification, and on July 14, 2000, a Stipulation of Settlement and Order preliminarily approving the settlement were filed.

Several purported class action lawsuits have been filed on behalf of
purchasers of the Company's common stock against the Company and certain of its
officers and directors. These lawsuits purport to allege claims under Section
10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5
promulgated thereunder, in connection with the Company's public disclosure of
accounting irregularities at the Hofmann Laces unit in fiscal year 1998.
Specifically, the actions allege that, during the class period (January 20, 1998
through October 26, 1998), defendants materially misrepresented the Company's
financial condition and overstated the Company's reported earnings.

COMPANY INFORMATION:

Sector: Consumer Cyclical
Industry: Apparel/Accessories
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: GFD
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. New York
DOCKET #: 98-CV-07739
JUDGE: Hon. Charles L. Brieant
DATE FILED: 10/29/1998
CLASS PERIOD START: 01/20/1998
CLASS PERIOD END: 10/26/1998
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Lowey, Dannenberg, Bemporad & Selinger, P.C.
    1 North Lexington Avenue, 11th Floor, Lowey, Dannenberg, Bemporad & Selinger, P.C., NY 10601-1714
    914.997.0500 914.997.0035 · ldbs@wesetnet.com
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 98-CV-07739
JUDGE: Hon. Charles L. Brieant
DATE FILED: 09/07/1999
CLASS PERIOD START: 01/20/1998
CLASS PERIOD END: 10/26/1998
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Lowey, Dannenberg, Bemporad & Selinger, P.C.
    1 North Lexington Avenue, 11th Floor, Lowey, Dannenberg, Bemporad & Selinger, P.C., NY 10601-1714
    914.997.0500 914.997.0035 · ldbs@wesetnet.com
  2. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
  3. Schiffrin & Barroway LLP
    3 Bala Plaza E, Schiffrin & Barroway LLP, PA 19004
    610.667.7706 610.667.7056 · info@sbclasslaw.com
  4. Schiffrin, Craig & Barroway
    3 Bala Plaza, East, Suite 400, Schiffrin, Craig & Barroway, PA 19004
    610-667-7706 ·
  5. Stull, Stull & Brody (New York)
    6 East 45th Street, Stull, Stull & Brody (New York), NY 10017
    310.209.2468 310.209.2087 · SSBNY@aol.com
  6. Weiss & Yourman (New York, NY)
    The French Building, 551 Fifth Ave., Suite 1600, Weiss & Yourman (New York, NY), NY 10126
    212.682.3025 212.682.3010 · info@wyca.com
No Document Title Filing Date