Whitehall Jewel (NYSE:JWL)
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Cauley Geller Announces Class Action Lawsuit Against Whitehall Jewellers, Inc.
On Behalf of Investors
NEW YORK, Feb. 18 /PRNewswire/ -- The Law Firm of Cauley Geller Bowman &
Rudman, LLP announced today that a class action lawsuit has been filed in the
United States District Court for the Northern District of Illinois on behalf of
purchasers of Whitehall Jewellers, Inc. ("Whitehall" or the "Company") common
stock during the period between November 19, 2001 and December 10, 2003,
inclusive (the "Class Period"). 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=247&pcode=10&pp=4 .
The complaint charges Whitehall, Hugh M. Patinkin, Manny A. Brown, Matthew M.
Patinkin, Jon H. Browne, and John R. Desjardins with violations of 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,
throughout the Class Period, defendants issued numerous statements to the market
concerning the Company's financial results, which failed to disclose and/or
misrepresented the following adverse facts, among others: (1) that defendants
had improperly and untimely recognized revenue on certain of the Company's
customer transactions; (2) that the Company's inventory was materially
overstated; (3) that defendants violated Generally Accepted Accounting
Principles ("GAAP") and the Company's own internal policies regarding the timing
of revenue recognition; and (4) as a result of the foregoing, the Company's
revenues, net income and earnings per share published during the Class Period
were materially false and misleading.
On November 6, 2003, Whitehall announced it had received a subpoena from the
U.S. Securities and Exchange Commission as part of a formal investigation into a
complaint that Whitehall aided a former supplier in an accounting fraud. On
December 11, 2003, Whitehall announced that it had fired its Chief Financial
Officer and would delay reporting results for its fiscal third quarter, and
later that month that Whitehall would be restating its financial statements for
fiscal 2000, 2001 and 2002, including the 2002 quarters then ended, and the
first two quarters ended July 31, 2003. On news of this, shares of Whitehall
fell 7.6%, or $0.75 per share, to close at $9.04 per share on December 11,
2003.
If you bought Whitehall common stock between November 19, 2001 and December 10,
2003, inclusive,and you wish to serve as lead plaintiff, you must move the
Court no later than April 12, 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 http://www.cauleygeller.com/ .
Contact:
CAULEY GELLER BOWMAN & RUDMAN, LLP
Samuel H. Rudman, Esq. or David A. Rosenfeld, Esq.
Client Relations Department:
Chandra West, Jackie Addison or Heather Gann
P.O. Box 25438
Little Rock, AR 72221-5438
Toll Free: 1-888-551-9944
Fax: 1-501-312-8505
E-mail:
DATASOURCE: Cauley Geller Bowman & Rudman, LLP
CONTACT: Samuel H. Rudman, Esq. or David A. Rosenfeld, Esq., both of
Cauley Geller Bowman & Rudman, LLP, +1-631-367-7100
Web site: http://www.cauleygeller.com/
http://www.cauleygeller.com/show_case.asp?ccode=247&pcode=10&pp=4
http://www.cauleygeller.com/template8.asp?pcode=6&pp=1