Wolf Haldenstein Adler Freeman & Herz LLP Announces Commencement of Lawsuit against Crocs, Inc.

On November 26, 2007, Wolf Haldenstein Adler Freeman & Herz LLP filed a class action lawsuit in the United States District Court for the District of Colorado, on behalf of all persons who acquired the securities of Crocs, Inc. (“Crocs” or the “Company”) [NASDAQ:CROX] between July 27, 2007, and October 31, 2007, inclusive (the “Class Period”), against defendants Crocs and certain of its officers and directors alleging violations of the federal securities laws (the “Class”).

The case name is styled Swanson v. Crocs, Inc., et al. A copy of the complaint filed in this action is available from the Court, or can be viewed by clicking on the complaint link to the right.

The Complaint alleges that throughout the Class Period, defendants issued numerous, positive press releases, statements and financial reports filed with the SEC that failed to disclose that the Company’s sales were being negatively impacted by seasonal conditions; that the Company’s inventory levels were building far beyond historic levels as sales began to slow; and that Defendants lacked a reasonable basis for their positive statements about the Company, its earnings and prospects.

On October 31, 2007, after the Market closed the Company issued a press release announcing sales figures that fell well short of analysts’ expectations. These disclosures caused the Company’s stock to plummet $27.01 (36%) on over sixty million shares traded.

Company insiders, however, faired far better than public shareholders. While in possession of material, non-public information, Crocs insiders sold approximately 963,163 shares for proceeds of at least $64 million.

As a result of the dissemination of the false and misleading statements set forth in the complaint, the market price of Crocs securities was artificially inflated during the Class Period. Had plaintiffs and the other members of the Class known the truth, they would not have purchased said securities, or would not have purchased them at the inflated prices that were paid.

If you purchased CROX securities during the Class Period, you may request that the Court appoint you as lead plaintiff by January 7, 2008.

A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Wolf Haldenstein, or other counsel of your choice, to serve as your counsel in this action.

Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has approximately 70 attorneys in various practice areas; and offices in Chicago, New York City, San Diego, Washington, D.C., and West Palm Beach. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.

Article Source: http://www.share.onlypunjab.com

Please Rate this Article

5 out of 54 out of 53 out of 52 out of 51 out of 5 

Not yet Rated