Spector, Roseman & Kodroff, P.C. Announces the Filing of a Class Action Suit Against Whitehall Jewellers, Inc.
February 23 2004 - 7:00PM
PR Newswire (US)
Spector, Roseman & Kodroff, P.C. Announces the Filing of a
Class Action Suit Against Whitehall Jewellers, Inc. PHILADELPHIA,
Feb. 23 /PRNewswire/ -- The law firm of Spector, Roseman &
Kodroff, P.C. announces that a securities class action lawsuit was
commenced in the United States District Court for the Northern
District of Illinois, on behalf of purchasers of the common stock
of Whitehall Jewellers, Inc. ("Whitehall" or the "Company") between
November 19, 2001 through December 10, 2003, inclusive (the "Class
Period"). The Complaint alleges that defendants violated the
federal securities laws by issuing materially false and misleading
statements contained in press releases and filings with the
Securities and Exchange Commission during the Class Period relating
to Whitehall, a specialty retailer of fine jewelry. Specifically,
the Complaint alleges that during the Class Period, defendants
caused Whitehall's shares to trade at artificially inflated levels
through the issuance of false and misleading financial statements.
As a result of this inflation, defendants were able to complete an
insider trading scheme, raising proceeds of $5.3 million. On
November 6, 2003, it was announced that Whitehall had received a
subpoena from the U.S. Securities and Exchange Commission as part
of a formal investigation into a complaint that Whitehall aided a
former supplier in an accounting fraud. On December 11, 2003, it
was announced that Whitehall had fired its Chief Financial Officer
and would delay reporting results for its fiscal third quarter, and
later that month that Whitehall would be restating its financial
statements for fiscal 2000, 2001 and 2002, including the 2002
quarters then ended, and the first two quarters ended July 31,
2003. If you purchased Whitehall securities during the Class
Period, you may, no later than April 12, 2004, move to be appointed
as a Lead Plaintiff in this class action. A Lead Plaintiff is a
representative, chosen by the Court, that acts on behalf of other
class members in directing the litigation. The Private Securities
Litigation Reform Act of 1995 directs Courts to assume that the
class member(s) with the "largest financial interest" in the
outcome of the case will best serve the class in this capacity.
Courts have discretion in determining which class member(s) have
the "largest financial interest," and have appointed Lead
Plaintiffs with substantial losses in both absolute terms and as a
percentage of their net worth. If you have sustained substantial
losses in Whitehall securities during the Class Period, please
contact Spector, Roseman & Kodroff, P.C. at for a more thorough
explanation of the Lead Plaintiff selection process. If you have
relatively small losses, your ability to participate in any
recovery will be protected by the Lead Plaintiff(s), and you need
take no affirmative steps at this time. If you wish to join this
action, please visit http://www.srk-law.com/dbjoinaclassaction.asp.
If you wish to discuss this action or have any questions concerning
this notice or your rights or interests, please contact plaintiff's
counsel Robert M. Roseman toll-free at 888-844-5862 or via e-mail
at . For more detailed information about the firm please visit its
website at http://www.srk-law.com/. Spector, Roseman & Kodroff,
P.C., located in Philadelphia, Pennsylvania, concentrates its
practice in complex litigation including actions dealing with
securities laws, antitrust, contract and commercial claims. The
firm is active in major litigation pending in federal and state
courts throughout the United States. The firm's reputation for
excellence has been recognized on repeated occasions by courts
which have appointed the firm as lead counsel in numerous major
class actions involving violations of the federal securities laws
and the federal antitrust laws, and consumer fraud. As a result of
the efforts of the firm, and its members, hundreds of millions of
dollars have been recovered on behalf of thousands of defrauded
shareholders and companies. DATASOURCE: Spector, Roseman &
Kodroff, P.C. CONTACT: Robert M. Roseman, Spector, Roseman &
Kodroff, +1-888-844-5862 Web site: http://www.srk-law.com/
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