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Case Status:    SETTLED
On or around 07/20/2010 (Date of order of final judgment)

Filing Date: July 24, 2006

The original Complaint alleges that defendants violated federal securities laws by issuing a series of materially false statements. Specifically, defendants failed to disclose the following: (i) the Company had overinvested in inventories of fall clothing, building excessive levels of in-stock inventories of seasonal merchandise that carried over into the first quarter of 2006; (ii) that the Company resorted to very aggressive promotional pricing in February and March 2006 which deeply discounted the prices of the merchandise in order to move the merchandise and make room for new seasonal merchandise; and (iii) the Company's gross profit margins were substantially reduced in February and March 2006 by reason of the inventory and pricing actions taken by defendants which caused the Company's profit margins and profits in February and March 2006 to shrink dramatically even as sales revenues increased, which represented an extreme departure from Jos. A. Bank's historical pattern.

The complaint further alleges that on or around June 8, 2006, defendants announced that net income for the first quarter of 2006 had fallen 13% even as sales revenues increased 18%. On this news, the Company's common stock fell 29%, dropping $10.72 to close at $26.40 per share on June 8, 2006.

By the Order entered on November 20, 2006, the Court granted the motion of the Massachusetts Labor Annuity Fund to Consolidate Cases and to appoint lead plaintiff and lead counsel. On February 22, 2007 lead plaintiffs filed their Consolidated Class Action Complaint alleging the company and certain officers violated sections 10b and 20 of the 1934 Securities Act.

On April 4, 2007 defendants filed their motions to dismiss in response to the Consolidated Class Action Complaint. The motion was ultimately denied on September 10, 2007. An answer to the complaint was filed by defendants, with a motion for summary judgment following on November 19, 2007. On May 1, 2008 the judge denied the summary judgment motion but allowed plaintiffs leave to amend their complaint with regard to certain aspects. Plaintiffs elected not to amend their complaint and discovery as been scheduled to conclude in October 2009.

On January 29, 2010, the lead plaintiff filed a Stipulation of Settlement. The proposed settlement is in the amount of $4 million in cash. On March 2, 2010, the settlement was preliminarily approved. The Settlement Fairness Hearing was held on July 8, 2010. On July 20, 2010, the Court entered the Final Judgment and Order of Dismissal with Prejudice. The settlement was approved and the action was dismissed with prejudice. On July 28, 2010, the Court awarded Attorney Fees in the amount of $931,816.53. The case is now closed.

COMPANY INFORMATION:

Sector: Services
Industry: Retail (Apparel)
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: JOSB
Company Market: NASDAQ
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: D. Maryland
DOCKET #: 06-CV-01892
JUDGE: Hon. William M. Nickerson
DATE FILED: 07/24/2006
CLASS PERIOD START: 01/05/2006
CLASS PERIOD END: 06/07/2006
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Law Offices of Bernard M. Gross (Philadelphia) (former)
    1515 Locust Street, 2nd Floor, Law Offices of Bernard M. Gross (Philadelphia) (former), PA 19102
    215-561-3600 215-561-3000 · bmgross@bernardmgross.com
No Document Title Filing Date
COURT: D. Maryland
DOCKET #: 06-CV-01892
JUDGE: Hon. William M. Nickerson
DATE FILED: 02/23/2007
CLASS PERIOD START: 12/05/2005
CLASS PERIOD END: 06/07/2006
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Lerach Coughlin Stoia Geller Rudman & Robbins LLP (Boca Raton)
    197 South Federal Highway, Suite 200, Lerach Coughlin Stoia Geller Rudman & Robbins LLP (Boca Raton), FL 33432
    561.750.3000 56.750.3364 · info@lerachlaw.com
No Document Title Filing Date