Case Page

 

Case Status:    DISMISSED    
On or around 09/29/2011 (Court's order of dismissal)

Filing Date: April 28, 2009

According to a press release dated May 1, 2009, the Complaint alleges that throughout the Class Period defendants knew or recklessly disregarded that their public statements concerning Liz Claiborne's business, operations and prospects were materially false and misleading. Specifically, the Complaint alleges that defendants' public statements were false and misleading or failed to disclose or indicate, among other things, the following: (1) that the Company's wholesalers were significantly reducing orders; (2) that, specifically, Macy's, Liz Claiborne's largest customer, slashed orders in response to Liz Claiborne's decision to partner with JCPenney and launch the Liz & Co. and CONCEPTS by Claiborne brands at JCPenney; (3) that this fact had been known to the Company and management as early as November 22, 2006; and (4), as a result of the foregoing, that the statements made by the Company and management lacked a reasonable basis.

On May 1, 2007, Liz Claiborne shocked the market when the Company reported an approximately 65 percent drop in earnings, forecasted an unexpected decline in annual profit, and disclosed massive cutbacks in orders from Macy's. Moreover, the Company revealed that Macy's reduced orders were a reaction to the new Liz & Co. and CONCEPTS by Claiborne brands launched at JCPenney. On this news, shares of Liz Claiborne declined $7.72 per share, more than 17%, to close on May 1, 2007 at $37.00 per share, on unusually heavy trading volume.

On February 17, 2010, Judge Richard J. Holwell granted the motion to appoint Movant James S. Metz as lead plaintiff. The law firm Glancy Binkow & Goldberg LLP was approved as lead counsel. On April 29, 2010, the lead plaintiff filed an Amended Complaint, and amended the complaint again on August 23, 2010. The defendants responded by filing a motion to dismiss on October 4, 2010.

According to a news article dated September 29, 2011, a New York federal judge on Thursday tossed a putative shareholder class action accusing Liz Claiborne Inc. of misrepresenting its relationship with Macy's Inc. and J.C. Penney Co., saying the plaintiffs had offered no evidence showing that Claiborne executives intended to mislead the public.

COMPANY INFORMATION:

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

SECURITIES INFORMATION:

Ticker Symbol: LIZ
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 #: 09-CV-04147
JUDGE: Hon. Shirley Wohl Kram
DATE FILED: 04/28/2009
CLASS PERIOD START: 02/28/2007
CLASS PERIOD END: 04/30/2007
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Glancy Binkow & Goldberg LLP (Los Angeles)
    1801 Ave. of the Stars, Suite 311, Glancy Binkow & Goldberg LLP (Los Angeles), CA 90067
    310.201.915 310. 201-916 · info@glancylaw.com
  2. Law Offices of Howard G. Smith
    3070 Bristol Pike, Suite 112, Law Offices of Howard G. Smith, PA 19020
    215.638.4847 215.638.4867 ·
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 09-CV-04147
JUDGE: Hon. Shirley Wohl Kram
DATE FILED: 08/23/2010
CLASS PERIOD START: 01/16/2007
CLASS PERIOD END: 04/30/2007
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Glancy Binkow & Goldberg LLP (NY)
    1430 Broadway, Suite 1603, Glancy Binkow & Goldberg LLP (NY), NY 10018
    212.382.2221 212.382.2221 · info@glancylaw.com
No Document Title Filing Date