BALA CYNWYD, Pa., Oct. 23, 2002 (PRIMEZONE) -- A pending class action charges Cutter & Buck, Inc. ("Cutter & Buck") (Nasdaq:CBUKE) with misleading investors about its business and financial condition according to the law firm of Schiffrin & Barroway, LLP.
The complaint was filed in the U.S. District Court for the Western District of Washington. Plaintiff seeks damages for violations of the federal securities laws on behalf of all investors who purchased Cutter & Buck, Inc. securities between June 23, 2000 and August 12, 2002 (the "Class Period").
Schiffrin & Barroway, LLP has prosecuted shareholder class actions for over fourteen years and has recovered more than $1 billion for investors. If you are a shareholder of Cutter & Buck, Inc. and want to learn more about this lawsuit and about becoming a lead plaintiff, you may visit our website at http://www.sbclasslaw.com/cgi/signup.cgi.
The complaint alleges that Cutter & Buck, Inc. caused its shares to trade at artificially inflated levels. 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, Inc. securities between June 23, 2000 and August 12, 2002, you may be a member of the class and have until November 12, 2002 to move the court to become a lead plaintiff. In order to serve as lead plaintiff, however, you must meet certain legal requirements. To be a member of the class, however, you do not need to take any action at this time. Should you decide to seek appointment as a lead plaintiff, you may retain Schiffrin & Barroway, or retain counsel of your choice.
To learn more about your rights and interests in this case and your ability to potentially recoup your losses, please contact Schiffrin & Barroway (Marc A. Topaz, Esq. or Stuart L. Berman, Esq.) directly at 888-299-7706 (toll free) or 610-822-2221, fax number 610-822-0002, e-mail at info@sbclasslaw.com or visit our website at www.sbclasslaw.com.