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Case Status:    DISMISSED    
On or around 06/30/2015 (Court's order of dismissal)

Filing Date: February 04, 2015

According to the law firm press release, Movado, one of the world’s leading watchmakers, designs, sources, markets and distributes fine watches.

The complaint alleges that during the Class Period, defendants issued materially false and misleading statements touting the purportedly attractive business prospects and strong growth expected for the Company’s flagship Movado brand as well as its portfolio of licensed brands, which includes Lacoste and Scuderia Ferrari watches. Defendants also materially misled investors regarding their initiative to boost the Movado brand by cannibalizing one of the Company’s other brand’s shelf space at various retailers. As a result of defendants’ materially false and misleading statements and omissions, Movado common stock traded at artificially inflated prices during the Class Period, reaching a high of $46.39 per share and allowing the Company’s Chairman and CEO to sell over $8.6 million worth of his Movado shares at artificially inflated prices.

Then, on November 14, 2014, Movado issued a press release preliminarily announcing disappointing third quarter financial results and lowering the Company’s financial outlook for its 2015 fiscal year (ending January 31, 2015). Specifically, the Company reported that: (i) it expected third quarter earnings in a range of $0.86 to $0.87 per share, far less than analysts’ estimates of $1.13 per share; (ii) it expected net sales between $188.6 million to $189.7 million for the third quarter, well below the consensus estimate of $218.32 million; (iii) certain brands, including Movado, Lacoste, and Scuderia Ferrari, had not performed as well as expected; and (iv) as a result, the Company would be lowering its fiscal year 2015 guidance. In contrast to the sales growth of 11% and operating income growth of 19% discussed throughout the Class Period, defendants now expected sales growth of only 1% to 2% and a decrease in operating profit of 7% to 10% compared to fiscal 2014. On this news, the price of Movado stock declined, falling from $38.51 per share to $26.25 per share, a decline of nearly 32%.

This case was voluntarily dismissed on June 30, 2015.

COMPANY INFORMATION:

Sector: Consumer Cyclical
Industry: Jewelry & Silverware
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: MOV
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: D. New Jersey
DOCKET #: 15-CV-00831
JUDGE: Hon. William J. Martini
DATE FILED: 02/04/2015
CLASS PERIOD START: 03/26/2014
CLASS PERIOD END: 11/13/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Cohn, Lifland, Pearlman, Herrmann & Knopf
    Park 80 Plaza West-One, Cohn, Lifland, Pearlman, Herrmann & Knopf, NJ 7663
    201845.9600 · info@njlawfirm.com
  2. Holzer & Holzer, LLC
    1117 Perimeter Center West, Suite E-107, Holzer & Holzer, LLC, GA 30338
    770.392.0090 770.392-0029 · mfistel@holzerlaw.com
  3. Robbins Geller Rudman & Dowd LLP (Boca Raton)
    120 East Palmetto Park Road, Suite 500, Robbins Geller Rudman & Dowd LLP (Boca Raton), FL 33432
    561.750.3000 561.750.3364 ·
No Document Title Filing Date