Coughlin Stoia Geller Rudman & Robbins LLP (“Coughlin Stoia”) (http://www.csgrr.com/cases/zumiez/) today announced that a class action has been commenced in the United States District Court for the Western District of Washington on behalf of purchasers of Zumiez, Inc. (“Zumiez” or “the Company”) (NASDAQ:ZUMZ) common stock during the period between March 14, 2007 and November 7, 2007 (the “Class Period”).
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Samuel H. Rudman or David A. Rosenfeld of Coughlin Stoia at 800/449-4900 or 619/231-1058, or via e-mail at djr@csgrr.com. If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at http://www.csgrr.com/cases/zumiez/. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
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 same-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.
Plaintiff seeks to recover damages on behalf of all purchasers of Zumiez common stock during the Class Period (the “Class”). The plaintiff is represented by Coughlin Stoia, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.
Coughlin Stoia, a 190-lawyer firm with offices in San Diego, San Francisco, Los Angeles, New York, Boca Raton, Washington, D.C., Houston and Philadelphia, is active in major litigations pending in federal and state courts throughout the United States and has taken a leading role in many important actions on behalf of defrauded investors, consumers, and companies, as well as victims of human rights violations. Coughlin Stoia lawyers have been responsible for more than $45 billion in aggregate recoveries. The Coughlin Stoia Web site (http://www.csgrr.com) has more information about the firm