Freedom 100 Emerging Mar... (AMEX:FRDM)
Historical Stock Chart
From Aug 2019 to Aug 2024
![Click Here for more Freedom 100 Emerging Mar... Charts. Click Here for more Freedom 100 Emerging Mar... Charts.](/p.php?pid=staticchart&s=A%5EFRDM&p=8&t=15)
Friedman's Comments on Civil Actions Filed by States' Attorneys
General
SAVANNAH, Ga., Dec. 22 /PRNewswire-FirstCall/ -- Friedman's Inc. (OTC non-BB:
FRDM.PK), the Value Leader in fine jewelry retailing, today said that it has
received copies of civil lawsuits that have been filed in state courts against
the Company by the attorneys general of three states where Friedman's does
business. The lawsuits, filed in Texas, Tennessee and Florida, each focus upon
the manner in which credit insurance has been sold, allege that some Friedman's
customers may not have realized they were purchasing credit insurance when
buying merchandise on credit issued by Friedman's or were told that credit
insurance was mandatory, and allege that consumer protection and insurance
statutes or regulations were violated. Sales for cash or paid for by credit or
debit cards are not at issue.
(Logo: http://www.newscom.com/cgi-bin/prnh/20020215/FRIEDMANLOGO )
In response to the allegations, Friedman's stated that the Company does not
condone any improper practices alleged in the complaints. Friedman's further
noted that the Company believes that the transactions challenged primarily
arose years ago and stated that the Company has in place measures designed to
monitor and assure compliance with Company policy concerning credit insurance
sales practices.
As previously disclosed, Friedman's has been in discussions with attorneys
general from several states about credit insurance sales practices and other
matters. Friedman's stated that similar actions may be filed by attorneys
general in other states.
About Friedman's
Founded in 1920, Friedman's Inc. is a leading specialty retailer based in
Savannah, Georgia. The Company is the leading operator of fine jewelry stores
located in power strip centers and regional malls. For more information, go
to: http://www.friedmans.com/ .
Some of the statements included in this press release, particularly those
anticipating future financial performance, business prospects, growth and
operating strategies, the obtaining of additional financing and similar
matters, are forward-looking statements that involve a number of risks and
uncertainties. These forward-looking statements are not guarantees of future
performance and a variety of factors could cause the Company's actual results
to differ materially from the anticipated or expected results expressed in
these forward-looking statements. The Company undertakes no obligation to
update or revise any such forward-looking statements. The forward-looking
statements, the Company's liquidity, capital resources, ability to obtain
additional financing and results of operations are subject to a number of risks
and uncertainties, including but not limited to, the following: adverse
effects from the Company's delay in paying suppliers and from suppliers not
delivering merchandise; the ability of the Company to comply with the terms of
its credit facility; the ability of the Company to satisfy all conditions
precedent, including due diligence requirements, to any proposed additional
financing; the continued support of the Company's vendors in a vendor support
program; potential adverse developments with respect to the Company's liquidity
and/or results of operations; competitive pressures from other retailers;
trends in the economy as a whole which may affect consumer confidence and
consumer demand for the types of goods sold by the Company; the ability of the
Company to attract, retain and compensate key executives and associates; the
ability of the Company to attract and retain customers; potential adverse
publicity; the ability of the Company to achieve the cost savings and
operational benefits projected from its planned store closings; the final
results of the audit including the review of the calculation of our allowance
for doubtful accounts and any recordation of impairment charges; the results of
the SEC and Justice Department investigations; the results of various
litigation, including the states' attorneys general litigation; the effect of
the restatement on our credit facilities, including funding availability there
under and our relationship with our lenders; the effect of the restatement on
our future earnings, including any adjustments to previously announced earnings
forecasts; and other risk factors identified from time to time in our SEC
reports, including, but not limited to, the report on Form 10-K for the year
ended September 28, 2002.
http://www.newscom.com/cgi-bin/prnh/20020215/FRIEDMANLOGO
http://photoarchive.ap.org/
DATASOURCE: Friedman's Inc.
CONTACT: Jane D'Arcy of Trion Communications, +1-401-453-3100 ext. 104,
or
Web site: http://www.friedmans.com/