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Zumiez, Inc.

Case Summary

Zumiez, Inc. Securities Litigation

Case Summary

Case Status:    DISMISSED    
On or around 03/31/2009 (Court's order of dismissal)

Filing Date: December 10, 2007

According to a law firm press release dated December 11, 2007, a class action has been commenced on behalf of purchasers of Zumiez, Inc.common stock.

The complaint charges Zumiez and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Zumiez, a mall-based specialty retailer, provides action sports-related apparel, footwear, equipment, and accessories.

According to the complaint, during the class period, defendants issued materially false and misleading statements that misrepresented and failed to disclose: (i) that sales of the Company’s winter merchandise were not performing according to internal expectations; (ii) that the Company’s retail stores were underperforming and some store sales were in decline; and (iii) as a result of the forgoing, the defendants had no reasonable basis for their positive statements about the Company’s prospects and guidance for fiscal 2007.

On November 7, 2007, the Company issued a press release announcing its October 2007 sales results, its preliminary third quarter earnings and revised guidance for fiscal 2007. In response to this announcement, shares of the Company’s common stock fell $10.71 per share, or 27%, to close at $28.74 per share, on heavy trading volume.

On March 30, 2009, an Order Granting Defendants’ Motion To Dismiss with prejudice was entered by the court.

Company & Securities Information

Defendant: Zumiez, Inc.

COMPANY INFORMATION:

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

SECURITIES INFORMATION:

Ticker Symbol: ZUMZ
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.

First Identified Complaint

Jan Rubia Richards, et al. v. Zumiez, Inc. , et al.

COURT: W.D. Washington
DOCKET #: 07-CV-01980
JUDGE: Hon. John C. Coughenour
DATE FILED: 12/10/2007
CLASS PERIOD START: 03/14/2007
CLASS PERIOD END: 11/07/2007
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Coughlin Stoia Geller Rudman & Robbins LLP (Seattle)
    1700 Seventh Avenue, Suite 2260 , Coughlin Stoia Geller Rudman & Robbins LLP (Seattle), WA 98101
    206-749-5544 206.749-9978 · info@csgrr.com/
  2. Fosler Law Group, Inc
    1200 112Th Avenue NE. STE C-110, Fosler Law Group, Inc, WA 98004
    426.990.8626 · jfosler@foslerlawgroup.com
  3. Keller Rohrback LLP (Seattle)
    1201 Third Avenue, Suite 3200, Keller Rohrback LLP (Seattle), WA 98101-3052
    800.776.6044 206.623.3384 · investor@kellerrohrback.com
First Identified Complaint (FIC) Filings:
No Document Title Filing Date
1 Class Action Complaint For Violations Of Securities Laws 12/11/2007
2 U.S. District Court Civil Docket 12/11/2007
3 Order Granting Defendants’ Motion To Dismiss 03/30/2009
4 Judgment In A Civil Case 03/31/2009
5 U.S. District Court Civil Docket 03/31/2009
 
 

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