CLASS ACTION SUIT FILED AGAINST P-VH
NEW YORK — A shareholder has filed a class action suit against Phillips-Van Heusen Corp., alleging it withheld data on disappointing operating results.
The suit, filed in federal court here by Adrienne Zicklin, who said she purchased 500 shares on Aug. 17 at $22 a share, contends P-VH maintained an optimistic outlook for the year even after it became clear to executives that its profit projections wouldn’t be met. When problems were disclosed on Oct. 19, it caused the stock to fall 15 percent the next day.
A P-VH spokeswoman said the firm hadn’t been served with the complaint and couldn’t comment. P-VH stock closed Thursday at 14 5/8, up 1/8, on the New York Stock Exchange. Primarily a men’s wear firm, P-VH makes women’s apparel under such labels as Bass and Van Heusen for sale only in its own outlets.