Schatz & Nobel, P.C. Announces Class Action Lawsuit Against PETCO Animal Supplies, Inc.
April 19 2005 - 12:23PM
PR Newswire (US)
Schatz & Nobel, P.C. Announces Class Action Lawsuit Against
PETCO Animal Supplies, Inc. HARTFORD, Conn., April 19 /PRNewswire/
-- The law firm of Schatz & Nobel, P.C., 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
Southern District of California on behalf of all persons who
purchased the common stock of PETCO Animal Supplies, Inc.
(NASDAQ:PETC) ("PETCO" or "the Company") between November 18, 2004
and April 14, 2005, inclusive (the "Class Period"). The Complaint
alleges that PETCO and certain of its officers and directors
violated federal securities laws. Specifically, defendants caused
PETCO's shares to trade at artificially inflated levels through the
issuance of false and misleading financial statements. On November
18, 2004, PETCO announced Q3 2004 results and raised its guidance
for FY 2004. PETCO subsequently issued very favorable results for
FY 2004. As a result, by April 2005, PETCO's stock was trading
above $37 per share. On April 15, 2005, before the market opened,
the Company issued a press release entitled "PETCO to Delay Filing
of Form 10- K." The release stated that PETCO would delay the
filing of its Form 10-K with the Securities and Exchange Commission
and that it had requested a 15-day extension after it discovered
accounting errors related to certain under- accrued expenses in its
distribution operations. PETCO anticipated its Q4 2004 earnings
would be reduced by $3.0 -- $4.5 million and expected that FY 2005
earnings would be reduced by a similar amount, as it took into
consideration the nature of the under-accrual of expenses. On news
of the accounting improprieties, the stock dropped 15% to close at
$30.36 per share. If you are a member of the class, you may, no
later than June 17, 2005, 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, including
decisions concerning settlement. The securities laws require the
Court to consider the class member(s) with the largest financial
interest as presumptively the most adequate lead plaintiff(s). For
more information about the case, its claims, and your rights,
please contact Schatz & Nobel toll-free at (800) 797-5499, or
by e-mail at . To view a copy of the Complaint initiating the class
action, which was not filed by Schatz & Nobel, or for more
information about this case, class action cases in general, or
Schatz & Nobel, please visit our website:
http://www.snlaw.net/. CONTACT: Wayne T. Boulton or Nancy A. Kulesa
Tel.: (800) 797-5499 Website: http://www.snlaw.net/ e-mail:
DATASOURCE: Schatz & Nobel, P.C. CONTACT: Wayne T. Boulton or
Nancy A. Kulesa of Schatz & Nobel, P.C., +1-800-797-5499, Web
site: http://www.snlaw.net/
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