Harwood Feffer LLP Announces Class Action Lawsuit against The Timberland Company
June 07 2011 - 12:22PM
Business Wire
Harwood Feffer LLP ( www.hfesq.com ) announced today that a
class action complaint has been filed against The Timberland
Company (“Timberland” or the “Company”) (NYSE:TBL) and certain of
the Company’s officers for violations of the Securities Exchange
Act of 1934. The action, brought on behalf of those purchasing the
common stock of Timberland between February 17, 2011 and May 4,
2011, inclusive (the “Class Period”), is pending in the United
States District Court for the District of New Hampshire.
Harwood Feffer LLP encourages investors who have losses in
excess of $100,000 from investment in Timberland to inquire about
the lead plaintiff position in a securities fraud class action
before the August 5, 2011 deadline.
No class has yet been certified in the above action. Class
members will be represented by the lead plaintiff and counsel
chosen by the lead plaintiff. If you wish to choose counsel to
represent you and the Class, you must apply to be appointed lead
plaintiff no later than August 5, 2011 and be selected by the
court. The lead plaintiff will direct the litigation and
participate in important decisions including whether to accept a
settlement and how much of a settlement to accept for the Class in
the action. The lead plaintiff will be selected from among
applicants claiming the largest loss from investment in the Company
during the Class Period. You are not required to have sold your
shares to seek damages to serve as a lead plaintiff. You may
contact Harwood Feffer LLP at its website (http://www.hfesq.com) or
by email to clowther@hfesq.com to ask any questions you may have in
that regard.
The filed complaint alleges that, during the Class Period, the
Company disseminated overly optimistic statements about
then-present sales trends, cost discipline and inventory levels and
an anticipated return to a 15% operating profit, and that, as a
result of these representations, Timberland share prices traded at
artificially inflated prices. However, at the same time the Company
was making such statements, certain of its officers and directors
concealed that demand for Timberland’s key products had actually
declined dramatically, its inventory levels were rising, and
Timberland had significantly increased advertising spending to
counter lackluster sales, thereby materially decreasing operating
income. On May 5, 2011, Timberland disclosed the financial results
for the Company’s first quarter 2011 that were far below its
bullish Class Period public statements. As a result of this
revelation, prices of the Company’s common stock plummeted.
For over two decades, Harwood Feffer has been a nationally
recognized firm that specializes in complex, multi-party litigation
with an emphasis on securities, ERISA, consumer fraud, products
liability and civil rights litigation. Harwood Feffer serves as
lead counsel in numerous class actions on behalf of investors,
employees, and consumers and has recovered hundreds of millions of
dollars in recoveries for its clients. Please visit the Harwood
Feffer LLP website (http://www.hfesq.com) for more information
about the firm.
If you purchased Timberland shares and suffered a loss in excess
of $100,000 during the Class Period and you wish to discuss this
matter with us, or have any questions concerning your rights and
interests with regard to this matter, please contact:
Harwood Feffer LLPAttorneys:Robert I. HarwoodJeffrey M.
Norton488 Madison Ave., 8th FloorNew York, NY
10022rharwood@hfesq.comjnorton@hfesq.comtel.
877-935-7400http://www.hfesq.com
Attorney Advertising. Prior Results Do Not Guarantee A Similar
Outcome.
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