Byline: Scott Malone
NEW YORK — Two more law firms jumped into the brewing class-action rumble against Guess Inc. on Wednesday.
Schiffrin & Barroway, a Bala Cynwyd, Pa.-based firm, said in a statement that it filed a class-action lawsuit in U.S. District Court in California on behalf of those who bought Guess shares between Feb. 14, 2000 and Jan. 26, 2001.
The complaint, similar to two lawsuits filed Tuesday, charges the company “and certain of its officers and directors with issuing false and misleading statements concerning the company’s business and financial condition,” according to the statement.
An official at the law firm declined to provide any further comment on the lawsuit or to say whom the company is representing.
Charles J. Piven, a Baltimore-based attorney, said he plans to file a suit against the company, which as reported, has recently restated its earnings for the first nine months of 2000. Piven declined to provide any specifics on whom he would be representing.
These firms followed actions taken by Boca Raton, Fla.-based law firm Cauley Geller Bowman & Coates LLP and San Diego-based Milberg Weiss Bershad Hynes & Lerach LLP, which filed lawsuits against Guess on Tuesday.
A Cauley Geller spokeswoman said her firm brought the lawsuit on behalf of David Osher, and is seeking class-action status. Milberg Weiss officials did not return phone calls.
Guess officials also could not be reached for comment Wednesday.
However, on Tuesday, following 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.”
As reported, late last week Guess restated its earnings for much of 2000, saying that it had overstated income for the first and second quarters and understated income in the third. The Los Angeles-based jeansmaker also warned that its fourth quarter 2000 and fiscal 2001 results would come in below analysts’ expectations.