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According to the complaint, defendants made false and misleading statements concerning Men's Wearhouse's financial condition, business and prospects. The complaint alleges that the statements were false and misleading because they did not disclose the following adverse facts: (i) that the K&G division was performing badly and was failing to meet internal expectations; (ii) that the Company was experiencing considerable problems integrating the After Hours acquisition, which was resulting in a serious disruption in that division's business and was reducing sales volumes below budgeted levels; (iii) that as a result of a decreasing demand for the Company's products, it was being forced to discount its products beyond its regular discounts, which would further erode earnings; and (iv) based on the above, defendants did not have a reasonable basis for their positive statements regarding the Company's guidance and prospects.
The complaint further alleges that as the truth about the Company's financial condition was revealed to the public, the price of its common stock began to decline. On January 9, 2008, the Company announced its mid fourth quarter update for the quarter ending February 2, 2008, which disclosed its reduced guidance for fiscal 2007. On this news, the price of the Company's common stock plummeted 30%.
Shalov Stone Bonner & Rocco LLP has extensive experience in the prosecution of lawsuits on behalf of investors. For more information about the firm, please visit its website at: www.lawssb.com
If you purchased Men's Wearhouse common stock and would like additional information about your rights, please contact investor rights attorney Amanda C. Scuder, at Shalov Stone Bonner & Rocco LLP, 485 Seventh Avenue, Suite 1000, New York, New York 10018 (telephone: (212) 239-4340; email: ascuder@lawssb.com).
Attorney advertising. Prior results do not guarantee a similar outcome.
CONTACT: Amanda C. Scuder - Attorney SHALOV STONE BONNER & ROCCO LLP Telephone: (212) 239-4340 Facsimile: (212) 239-4310 Email: Email Contact http://www.lawssb.com
SOURCE: Shalov Stone Bonner & Rocco LLP
http://www2.marketwire.com/mw/emailprcntct?id=6296AADB963C0AF8 http://www.lawssb.com
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