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The Rosen Law Firm Files Securities Fraud Class Action Against American Apparel, Inc.
Law Firm Press Release |
2010/09/06 07:23
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| p jquery1283869659187=48NEW YORK, Sep 7, 2010 (GlobeNewswire via COMTEX) -- The Rosen Law Firm, P.A. today announced that it has filed a class action lawsuit on behalf of purchasers of America Apparel, Inc. (American Apparel) span id=quote124732125 class=quotepeekbase bgQuote up jquery1283869659187=28span class=bgChannel/quotes/comstock/14*!app/spanspan class=bgRealtimeChannel/quotes/nls/app/span (span class=symbola title=American Apparel Inc href=/investing/stock/APPfont color=#004176 size=2APP/font/a/span strongspan class=data bgLast symbolfont size=21.07/font/span/strong, span class=data bgChange symbolfont color=#007c1d size=2+0.01/font/span, span class=data bgPercentChange symbolfont color=#007c1d size=2+0.94%/font/span) /spanstock during the period from December 20, 2006 to August 17, 2010 (the Class Period). /ppTo join the American Apparel class action, go to the website at a href=http://www.rosenlegal.comfont color=#004176http://www.rosenlegal.com/font/a or call Laurence Rosen, Esq. or Phillip Kim, Esq. toll-free at 866-767-3653, or you may also email lrosen@rosenlegal.com or pkim@rosenlegal.com for information on the class action. /ppThe case is pending in the United States District Court for the Central District of California. You can obtain a copy of the complaint from the clerk of court or you may contact counsel for plaintiffs Laurence Rosen, Esq. or Phillip Kim, Esq. toll-free at 866-767-3653 or email lrosen@rosenlegal.com or pkim@rosenlegal.com. /ppNO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY CHOOSE TO DO NOTHING AT THIS POINT AND REMAIN AN ABSENT CLASS MEMBER. /ppThe Complaint asserts that during the Class Period, defendants misrepresented American Apparel's hiring practices and the impact of such practices on the Company's business and financial performance. The Company's hiring practices were improper and beginning in July 2009, American Apparel revealed that it was being investigated by the U.S. Immigration and Customs Enforcement agency regarding the Company's compliance with U.S. immigration law. On August 17, 2010, the Company announced it expected to report a loss of $5 million to $7 million in the second quarter of 2010 on net sales of $132 million to $143 million. According to the announcement, a significant factor in such losses was lower labor efficiency at the Company's production facilities in the second quarter of 2010 compared to the prior year period. The lower labor efficiency was primarily a result of the hiring of over 1,600 net new manufacturing workers during the second quarter of 2010. As a result, the Complaint alleges that the price of American Apparel stock declined, damaging investors. /ppA class action lawsuit has already been filed on behalf of American Apparel shareholders. If you wish to serve as lead plaintiff, you must move the Court no later than October 25, 2010. If you wish to join the litigation or to discuss your rights or interests regarding this class action, please contact plaintiff's counsel, Laurence Rosen, Esq. or Phillip Kim, Esq. of The Rosen Law Firm toll free at 866-767-3653 or via e-mail at lrosen@rosenlegal.com or pkim@rosenlegal.com. /ppThe Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. /ppThis news release was distributed by GlobeNewswire, a href=http://www.globenewswire.comfont color=#004176www.globenewswire.com/font/a /p |
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