NEW YORK — Just when former Warnaco Group’s chief executive officer Linda Wachner thought she was off the hook in a shareholder class-action lawsuit, she might be hurled back into court again.
On Monday, a federal appeals court in Manhattan reversed a trial court’s dismissal of the lawsuit. The lower court dismissed the action last year on grounds that the shareholders waited too long to sue when they were alerted to possible inventory and accounting issues much earlier from the public firm’s regulatory filings. One filing in question was the 1998 revised annual report that Warnaco filed in April 1999. The shareholders filed their lawsuit in August 2000.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"