Collins & Aikman (NYSE:CKC)
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Wolf Haldenstein Adler Freeman & Herz LLP Commences Class Action
Lawsuit on Behalf of Investors in Collins & Aikman Corporation
NEW YORK, May 24 /PRNewswire/ -- Wolf Haldenstein Adler Freeman & Herz LLP
filed a class action lawsuit in the United States District Court for the
Southern District of New York, on behalf of all persons who purchased the
securities of Collins & Aikman Corporation ("Collins & Aikman" or the
"Company") (NYSE:CKC) between May 15, 2003 and March 17, 2005, inclusive, (the
"Class Period") against defendants Jerry L. Monsingo, David A. Stockman, J.
Michael Stepp, and Bryce Koth, officers of the Company during the Class Period.
The case name is Egleston v. Monsingo., et al. A copy of the complaint filed
in this action is available from the Court, or can be viewed on the Wolf
Haldenstein Adler Freeman & Herz LLP website at http://www.whafh.com/.
The complaint alleges that defendants violated the federal securities laws by
issuing materially false and misleading statements throughout the Class Period
that had the effect of artificially inflating the market price of the Company's
securities.
The complaint further alleges that during the Class Period, statements made by
defendants were materially false and misleading when made because they failed
to disclose and/or misrepresented the following adverse facts, among others:
(1) that the Company improperly accounted for certain supplier rebates; (2)
that the Company's financial statements required net adjustments of
approximately $10-$12 million; (3) that the Company's financial statements were
not prepared in accordance with GAAP; (4) that the Company lacked adequate
internal controls and was therefore unable to ascertain the true financial
condition of the Company; and (5) that as a consequence of the foregoing, the
Company's net income and financial results were materially overstated.
If you purchased Collins & Aikman securities during the Class Period, you may
request that the Court appoint you as lead plaintiff by June 6, 2005. A lead
plaintiff is a representative party that acts on behalf of other class members
in directing the litigation. In order to be appointed lead plaintiff, the Court
must determine that the class member's claim is typical of the claims of other
class members, and that the class member will adequately represent the class.
Under certain circumstances, one or more class members may together serve as
"lead plaintiff." Your ability to share in any recovery is not, however,
affected by the decision whether or not to serve as a lead plaintiff. You may
retain Wolf Haldenstein, or other counsel of your choice, to serve as your
counsel in this action.
Wolf Haldenstein has extensive experience in the prosecution of securities
class actions and derivative litigation in state and federal trial and
appellate courts across the country. The firm has approximately 60 attorneys
in various practice areas; and offices in Chicago, New York City, San Diego,
and West Palm Beach. The reputation and expertise of this firm in shareholder
and other class litigation has been repeatedly recognized by the courts, which
have appointed it to major positions in complex securities multi-district and
consolidated litigation.
If you wish to discuss this action or have any questions, please contact Wolf
Haldenstein Adler Freeman & Herz LLP at 270 Madison Avenue, New York, New York
10016, by telephone at (800) 575-0735 (Fred Taylor Isquith, Esq., Gustavo
Bruckner, Esq., or Derek Behnke), via e-mail at or visit our website at
http://www.whafh.com/. All e-mail correspondence should make reference to
Collins & Aikman.
DATASOURCE: Wolf Haldenstein Adler Freeman & Herz LLP
CONTACT: Fred Taylor Isquith, Esq., Gustavo Bruckner, Esq., or Derek
Behnke, all of Wolf Haldenstein Adler Freeman & Herz LLP, 1-800-575-0735,
Web site: http://www.whafh.com/