There might be an appeal in the works for a recently dismissed shareholder lawsuit that claimed Liz Claiborne Inc., its chief executive officer, William L. McComb, and former president Trudy Sullivan misrepresented the company’s relationships with Macy’s Inc., causing Claiborne’s stock to fall.
Filed in 2009, the lawsuit, which deals with the class period of Jan. 16 to April 30, 2007, said that on May 1, 2007, Claiborne posted an unanticipated 65 percent decline in quarterly profit. On the same day, the apparel maker reported that Macy’s, one of its biggest clients at the time, was slashing orders, partially in response to a low-cost line called Liz & Co., which launched at J.C. Penney Co. Inc. The news caused Claiborne’s shares to decrease 17.3 percent
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