NEW YORK, March 15, 2004 (PRIMEZONE) -- The deadline for purchasers of Vans, Inc. ("Vans" or the "Company") (Nasdaq:VANS) common stock to move for lead plaintiff in a securities fraud class action recently brought against the Company is rapidly approaching. If you purchased Vans common stock during the period between March 24, 1999 and May 23, 2002 , inclusive (the "Class Period") and you wish to be a lead plaintiff in the case, you must move to serve as lead plaintiff by filing a motion in the United States District Court for the Central District of California by March 23, 2004. A copy of the complaint filed in this action is available from the Court, or can be viewed on the firm's website at http://www.cauleygeller.com/show_case.asp?ccode=228&pcode=10&pp=4.
The complaint, filed by a client of Cauley Geller Bowman & Rudman, LLP, charges that Vans, Andrew J. Greenebaum, and Gary Schoenfeld and certain of its officers and directors violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder. More specifically, the Complaint alleges that defendants failed to disclose and indicate: (1) that the Company improperly recognized revenue in violation of Generally Accepted Accounting Principals ("GAAP"); (2) that Company accomplished its illegal revenue recognition scheme by sending products to third-party distributors and holding the products there until a buyer could be found; (3) that the defendants entered into this scheme because defendants knew that its skate parks were losing cash and its sales were falling flat; and (4) as a result of the defendants' illegal scheme, the Company's financial results and net income were materially overstated at all relevant times.
On May 23, 2002, Vans announced preliminary results for the fourth quarter and fiscal year ending May 31, 2002, revisions to its guidance for fiscal 2003, plans to close its Bakersfield, California skate park and take an impairment charge with respect to its Denver, Colorado skate park, and a write-down of certain slow-moving inventory. The market reacted swiftly to the news with shares of Vans falling 19.87% or $2.53 per share to close at $10.20 per share on May 24, 2002.
If you bought Vans common stock between March 24, 1999 and May 23, 2002 , inclusive, and you wish to serve as lead plaintiff, you must move the Court no later than March 23, 2004. If you are a member of this class, you can join this class action online at http://www.cauleygeller.com/template8.asp?pcode=6&pp=1. Any member of the purported class may move the Court to serve as lead plaintiff through Cauley Geller or other counsel of their choice, or may choose to do nothing and remain an absent class member.
Cauley Geller is a national law firm that represents investors and consumers in class action and corporate governance litigation. It is one of the country's premiere firms in the area of securities fraud, with in-house finance and forensic accounting specialists and extensive trial experience. Since its founding, Cauley Geller has recovered in excess of two billion dollars on behalf of aggrieved shareholders. The firm maintains offices in Boca Raton, Little Rock and New York.
If you have any questions about how you may be able to recover for your losses, or if you would like to consider serving as one of the lead plaintiffs in this lawsuit, you are encouraged to call or e-mail the Firm or visit the Firm's website at www.cauleygeller.com.