GUESS LAWSUITS DISMISSED
Byline: Vicki M. Young
NEW YORK — Guess Inc. said Friday that all pending class action and derivative shareholder lawsuits against the firm and certain of its officers and directors have been dismissed, without settlement.
The matter of Bell v. Marciano, a derivative action filed in federal district court in Los Angeles, was voluntarily dismissed by stipulation and order by the court on March 28, 2002. The federal class action case in which several class action matters were consolidated, In re Guess Inc. Securities Litigation, was dismissed without prejudice earlier this month. Finally, Goldman v. Isaacs, a shareholder derivative action filed in a Delaware state court, was dismissed without prejudice in February.
The lawsuits were filed by shareholders on behalf of those who bought Guess shares between Feb. 14, 2000, and Jan. 26, 2001.
The filing of the class action lawsuits against Guess began shortly after the company said in January 2001 that it was restating results for the first three quarters of fiscal 2000 due to accounting errors. Income was overstated for the first and second quarters and understated in the third.
Shortly after the filing of the initial two lawsuits, co-chairman and co-chief executive officer Maurice Marciano called the actions “completely erroneous” and said, “We never tried to conceal anything.”