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Case Status:    DISMISSED    
On or around 03/08/2006 (Other)

Filing Date: July 23, 2002

According to the docket posted, on August 1, 2003, the plaintiffs filed a notice of appeal from the Order granting the motion to dismiss the complaint. On March 8, 2006, the Court entered the certified copy of the Order from the Second Circuit Court of Appeals. According to the Order, the undersigned counsel hereby stipulate that the appeal is hereby withdrawn from active consideration before the court. Such withdrawal shall be without prejudice to a reactivation of the appeal by appellant's counsel so notifying this court by filing written notice of reactivation with the clerk of this Court by July 31, 2006. If not reactivated, the appeal shall be deemed withdrawn with prejudice and without costs or attorneys fees incurred to date.

In the company's press release dated July 04, 2003, the US District Court Southern District of New York dismissed the shareholders’ class action against HUGO BOSS AG on July 03, 2003, thus following the motion of HUGO BOSS AG and the view of the Managing Board.

The plaintiff charged defendants with federal securities law violations in connection to the issuance of "material misrepresentations" and "omissions of material facts" concerning the company's financial condition. Marty Staff, former chief executive officer of Hugo Boss USA, and Vincent Ottomanelli, former chief financial officer of the unit were sued because they, as "control persons," were directly "involved in the day-to-day operations of the company at the highest levels and [were] privy to confidential proprietary information concerning the company and its operations."

The lawsuit said that as of July 2001, there were 70.4 million shares of Hugo Boss common and preferred stock outstanding. The shareholder plaintiff said he believed that there could be "thousands of shareholders of record."

Court documents said that the financial results for the third quarter of 2001 through the first quarter of 2002 were "materially false and misleading because defendants overstated the company's revenues by including as revenues amounts for products that the company did not actually sell, but instead forced its retail network to accept notwithstanding that there was no demand for these products."

The company on May 27 lowered its full-year profit forecast for 2002 due to inventory discrepancies during stocktaking in the U.S. The plaintiff shareholder alleged that as a result of the "channel-stuffing scheme," Boss was portrayed as a firm that was financially stable when its condition in fact was severely worse than publicly represented. Specifically, plaintiff charged that the firm's "income was overstated by at least $11 million after taxes." The legal action is seeking class action certification, compensation for unspecified damages and attorneys' fees.

COMPANY INFORMATION:

Sector: Consumer Cyclical
Industry: Apparel/Accessories
Headquarters: Germany

SECURITIES INFORMATION:

Ticker Symbol: BOSGR
Company Market: Other Foreign
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 #: 02-CV-05744
JUDGE: Hon. Richard Owen
DATE FILED: 07/23/2002
CLASS PERIOD START: 11/05/2001
CLASS PERIOD END: 05/28/2002
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Savell & Williams
    245 Peachtree Center Avenue Suite 2600, Savell & Williams, GA 30303
    404.521.1280 404.584.0020 ·
  2. Shalov Stone & Bonner LLP
    276 Fifth Avenue, Suite 704, Shalov Stone & Bonner LLP, NY 10001
    212.686.8004 212.686.8005 · lawyer@lawssb.com
No Document Title Filing Date