Izard Nobel LLP Announces Class Action Lawsuit Against Talbots, Inc.
February 04 2011 - 4:09PM
Marketwired
The law firm of Izard Nobel LLP, which has significant experience
representing investors in prosecuting claims of securities fraud,
announces that a lawsuit seeking class action status has been filed
in the United States District Court for the District of
Massachusetts on behalf of purchasers of the common stock of
Talbots, Inc. ("Talbots" or the "Company") (NYSE: TLB) between
December 8, 2009 and January 11, 2011, inclusive (the "Class
Period").
The Complaint charges Talbots and certain of its officers and
directors violated federal securities laws by failing to disclose
material adverse facts about the Company's financial condition.
Specifically, the Complaint alleges that: (i) notwithstanding
defendants' mantra about the Company being a great turnaround
story, demand for Talbots' full-price inventory was extremely soft,
which had resulted in Talbots becoming saddled with excess
inventory that could not be sold at full price; and (ii) Talbots
could not keep pace with its competitors without turning to the
dramatic and widespread promotional pricing that defendants had
stated the Company would not have to resort to.
On January 11, 2011, Talbots provided a Business Update and
reported that quarter-to-date top line sales were down
approximately 7% versus the fourth quarter of the prior year and
the Company's previously announced expectation for fourth quarter
top-line sales in the range of flat to down low-single digits.
Additionally, quarter-to-date comparable store sales were down
approximately 6%. On this news, Talbots' common stock dropped 17.4%
to close at $6.25.
If you are a member of the class, you may, no later than April
4, 2011, request that the Court appoint you as lead plaintiff of
the class. A lead plaintiff is a class member that acts on behalf
of other class members in directing the litigation. Although your
ability to share in any recovery is not affected by the decision
whether or not to seek appointment as a lead plaintiff, lead
plaintiffs make important decisions which could affect the overall
recovery for class members.
While Izard Nobel LLP has not filed a lawsuit against the
defendants, to view a copy of the Complaint initiating the class
action or for more information about the case, and your rights,
visit: www.izardnobel.com/talbots/, or contact Izard Nobel LLP
toll-free: (800)797-5499, or by e-mail: firm@izardnobel.com. For
more information about class action cases in general, please visit
our website: www.izardnobel.com.
CONTACT: Nancy A. Kulesa or Wayne Boulton (800)797-5499
www.izardnobel.com Email Contact
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