Case Page

 

Case Status:    DISMISSED    
On or around 03/18/2002 (Other)

Filing Date: January 30, 2001

According to a press release dated April 5, 2002, Guess?, Inc. (NYSE:GES) announced that all pending class action and derivative shareholder lawsuits against the Company and certain of its officers and directors have been dismissed, without settlement. Goldman v. Isaacs, a shareholder derivative action filed in Delaware state court, was dismissed without prejudice in February 2002. In re Guess?, Inc. Securities Litigation, a federal class action case which resulted from the consolidation of several other class action cases, was dismissed without prejudice earlier this month. Finally, the plaintiff in Bell v. Marciano, a derivative action filed in federal district court in Los Angeles, has been voluntarily dismissed by stipulation and order by the court dated March 28, 2002. The Company is not aware of any other shareholder litigation pending against it.

The original complaint charges that Guess and certain of its officers and directors with issuing false and misleading statements concerning the Company's business and financial condition. Specifically, the complaint alleges that on November 9, 2000, after defendants had sold over $2.2 million of their own Guess shares, they revealed that Guess would earn only $0.13 per share in the 3rd Quarter fiscal 2000, compared to analysts' revised estimates of $0.33 per share. The Company would early only $0.08 per share in the 4th Quarter Fiscal 2000 compared to an estimated $0.44 per share, and for Fiscal 2001, $0.95 per share compared to $1.85 per share. Defendants also revealed that Guess would record a loss of over $4.7 million related to below cost sales of inventory, and an additional charge of $5.4 million to increase reserves for impaired or worthless inventory.

Further, the complaint alleges that on January 26, 2001, defendants issued another press release which admitted that throughout the Class Period, they had artificially and improperly inflated its earnings by failing to expense costs or record accruals relating to the value of its substantially impaired inventory. As a result of the Company's accounting improprieties, Guess was forced to restate its financial results for the 1stQ, 2ndQ and 3rdQ of Fiscal 2000.

COMPANY INFORMATION:

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

SECURITIES INFORMATION:

Ticker Symbol: GES
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: C.D. California
DOCKET #: 01-CV-00871
JUDGE: Hon. Lourdes G. Baird
DATE FILED: 01/30/2001
CLASS PERIOD START: 02/14/2000
CLASS PERIOD END: 01/26/2001
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Berman DeValerio Pease Tabacco Burt & Pucillo (MA)
    One Liberty Square, Berman DeValerio Pease Tabacco Burt & Pucillo (MA), MA 2109
    617.542.8300 617.230.0903 · info@bermanesq.com
  2. Bernstein Litowitz Berger & Grossmann LLP (former San Diego)
    12544 High Bluff Drive, Suite 150, Bernstein Litowitz Berger & Grossmann LLP (former San Diego), CA 92130
    858.793.0070 858.793.0323 · blbg@blbglaw.com
  3. Law Offices of Charles J. Piven, P.A.
    World Trade Center-Baltimore,401 East Pratt Suite 2525, Law Offices of Charles J. Piven, P.A., MD 21202
    410.332.0030 · pivenlaw@erols.com
  4. Leo W. Desmond
    2161 Palm Beach Lakes Boulevard, Suite 204, Leo W. Desmond, FL 33409
    561.712.8000 561.712.8000 · stocklaw@bellsouth.net
  5. Schatz & Nobel, P.C.
    330 Main Street, Schatz & Nobel, P.C., CT 06106
    800.797.5499 860.493.6290 · sn06106@AOL.com
  6. 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
  7. 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
COURT: C.D. California
DOCKET #: 01-CV-00871
JUDGE: Hon. Lourdes G. Baird
DATE FILED: 07/09/2001
CLASS PERIOD START: 02/14/2000
CLASS PERIOD END: 01/26/2001
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Berman DeValerio Pease Tabacco Burt & Pucillo (MA)
    One Liberty Square, Berman DeValerio Pease Tabacco Burt & Pucillo (MA), MA 02109
    617.542.8300 ·
  2. Bernstein Litowitz Berger & Grossmann LLP (former San Diego)
    12544 High Bluff Drive, Suite 150, Bernstein Litowitz Berger & Grossmann LLP (former San Diego), CA 92130
    858.793.0070 858.793.0323 · blbg@blbglaw.com
  3. Cauley Geller Bowman & Coates (Boca Raton, FL)
    2255 Glades Road Suite 421A, Cauley Geller Bowman & Coates (Boca Raton, FL), FL 33431
    561.750.3000 ·
  4. Kaplan Fox & Kilsheimer, LLP (former New York, NY)
    805 Third Avenue, 22nd Floor, Kaplan Fox & Kilsheimer, LLP (former New York, NY), NY 10022
    212.687.1980 212.687.7714 · info@kaplanfox.com
  5. Law Offices of Bruce G. Murphy
    265 Llwyds Lane, Law Offices of Bruce G. Murphy, FL 32963
    561.231.4202 ·
  6. Law Offices of Charles J. Piven, P.A.
    World Trade Center-Baltimore,401 East Pratt Suite 2525, Law Offices of Charles J. Piven, P.A., MD 21202
    410.332.0030 · pivenlaw@erols.com
  7. Lerach Coughlin Stoia Geller Rudman & Robbins LLP (San Diego)
    401 B Street, Suite 1700, Lerach Coughlin Stoia Geller Rudman & Robbins LLP (San Diego), CA 92101
    206.749.5544 206.749.9978 · info@lerachlaw.com
  8. Milberg Weiss Bershad & Schulman LLP
    355 South Grand Avenue, Suite 4170, Milberg Weiss Bershad & Schulman LLP , CA 90071
    213.617.9007 213.617.9185 · info@milbergweiss.com
  9. Schiffrin & Barroway LLP
    3 Bala Plaza E, Schiffrin & Barroway LLP, PA 19004
    610.667.7706 610.667.7056 · info@sbclasslaw.com
  10. Stull, Stull & Brody (Los Angeles)
    10940 Wilshire Boulevard - Suite 2300, Stull, Stull & Brody (Los Angeles), CA 90024
    310.209.2468 ·
No Document Title Filing Date
No Document Title Filing Date