PHILADELPHIA, Sept. 27, 2002 (PRIMEZONE) -- The law firm of Spector, Roseman & Kodroff, P.C. announces that a class action has been commenced in the United States District Court for the Western District of Washington on behalf of purchasers of Cutter & Buck, Inc. ("Cutter & Buck") (Nasdaq:CBUKE) publicly traded securities during the period between June 23, 2000 and August 12, 2002, inclusive (the "Class Period").
The complaint charges Cutter & Buck and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Cutter & Buck designs and markets upscale men's and women's sportswear and outerwear under the Cutter & Buck brand. The Company sells its products primarily through golf pro shops and resorts, corporate accounts, specialty retail, and Company-owned retail stores. The complaint alleges that during the Class Period, defendants caused Cutter & Buck's shares to trade at artificially inflated levels through the issuance of false and misleading financial statements.
On August 12, 2002, Cutter & Buck issued a press release entitled, "Cutter & Buck Announces Discovery of Accounting Irregularities in Fiscal Years 2000 and 2001; Reports Resignation of Chief Financial Officer; Announces Preliminary First Quarter Fiscal Year 2003 Operating Results." On this news, the stock dropped to below $4 per share on volume of more than 468,000 shares.
If you purchased Cutter & Buck securities during the Class Period, you may, no later than November 12, 2002 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 Cutter & Buck securities during the Class Period, please contact Spector, Roseman & Kodroff, P.C. at classaction@srk-law.com 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 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 classaction@srk-law.com. 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 and San Diego, California, 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.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca.