The Briscoe Law Firm and Powers Taylor, LLP Announce Investigation of The Great Atlantic & Pacific Tea Company, Inc.
September 12 2011 - 3:57PM
Business Wire
Former United States Securities and Exchange Commission attorney
Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the
securities litigation firm of Powers Taylor, LLP announce that the
firms are investigating legal claims against the officers and Board
of Directors of The Great Atlantic & Pacific Tea Company, Inc.
(“Great Atlantic” or “GAP”) (NYSE: GAP) related to potentially
misleading statements issued by Great Atlantic between July 23,
2009 and December 10, 2010 (the “Class Period”).
If you are an affected investor and you want to learn more about
the lawsuit or join the action, contact Patrick Powers at Powers
Taylor, LLP, toll free (877) 728-9607, via e-mail at
patrick@powerstaylor.com, or Willie Briscoe at The Briscoe Law
Firm, PLLC, (214) 706-9314, or via email at
WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you.
It has been alleged that during the Class Period, Great Atlantic
and certain of its officers and directors made materially false and
misleading statements or failed to disclose material information
related to the company’s business and operations in violation of
the Securities Exchange Act of 1934. Specifically, it is claimed
that Great Atlantic and the other defendants misrepresented and/or
failed to disclose the following adverse facts: (i) that Great
Atlantic was facing increased low-cost competition from retailers
such as Wal-Mart and Target Corp., which was negatively impacting
the company’s business and financial condition; (ii) that the
Pathmark acquisition was a complete disaster for Great Atlantic
because Pathmark’s operations were in far worse condition than had
been represented to investors; (iii) that Great Atlantic was not
operating according to internal expectations and could not achieve
the guidance sponsored and/or endorsed by defendants; and (iv)
that, as a result of the foregoing, defendants lacked a reasonable
basis for their positive statements about the company, its
operations and prospects. It is further alleged that, as a result
of these false and misleading statements, Great Atlantic’s stock
traded at artificially inflated prices during the class period.
The Briscoe Law Firm, PLLC is a full service business
litigation, commercial transaction, and public advocacy firm with
more than 20 years of experience in complex litigation and
transactional matters.
Powers Taylor, LLP is a boutique litigation law firm that
handles a variety of complex business litigation matters, including
claims of investor and stockholder fraud, shareholder oppression,
shareholder derivative suits, and security class actions.
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