| Company: | Vans, Inc. |
| Ticker Symbol: | NASD: VANS |
| Class Period: | March 24, 1999 to May 23, 2002 |
| Court: | Central District, CA |
| Date Filed: | Jan-25-04 |
| Lead Plaintiff Deadline: | Mar-23-04 |
| Allegations: |
A securities class action has been commenced on behalf of shareholders who purchased, converted, exchanged or otherwise acquired the common stock of Vans, Inc. (Nasdaq:VANS) between March 24, 1999 and May 23, 2002, inclusive (the "Class Period").
The case is pending in the United States District Court for the Central District of California against defendant Vans and certain of its officers and directors. The action charges that defendants violated federal securities laws by issuing a series of materially false and misleading statements to the market throughout the Class Period which statements had the effect of artificially inflating the market price of the Company's securities.
The complaint charges Vans and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Vans is a global sports-and-lifestyle company that merchandises, designs, sources and distributes VANS-branded active-casual and performance footwear, apparel and accessories.
The complaint alleges that beginning in 1998, defendants orchestrated a scheme wherein on a routine basis Vans "posted" product to three separate Distribution Centers, including Unique Services, Pronto Services and Special Dispatcher, in order to inflate EPS on a quarterly basis. This scheme took place each quarter, causing Vans' quarterly financial statements to be false. Moreover, defendants actively concealed that literally millions of dollars worth of Vans' valuable inventory was worth a fraction of the value claimed.
As a result of the defendants' false statements, Vans' stock price traded at inflated levels during the Class Period, increasing to as high as $24.59 on May 31, 2001, whereby the Company and its top officers and directors caused to be sold $60 million worth of Vans shares.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
The case is pending in the United States District Court for the Central District of California against defendant Vans and certain of its officers and directors. The action charges that defendants violated federal securities laws by issuing a series of materially false and misleading statements to the market throughout the Class Period which statements had the effect of artificially inflating the market price of the Company's securities.
The complaint charges Vans and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Vans is a global sports-and-lifestyle company that merchandises, designs, sources and distributes VANS-branded active-casual and performance footwear, apparel and accessories.
The complaint alleges that beginning in 1998, defendants orchestrated a scheme wherein on a routine basis Vans "posted" product to three separate Distribution Centers, including Unique Services, Pronto Services and Special Dispatcher, in order to inflate EPS on a quarterly basis. This scheme took place each quarter, causing Vans' quarterly financial statements to be false. Moreover, defendants actively concealed that literally millions of dollars worth of Vans' valuable inventory was worth a fraction of the value claimed.
As a result of the defendants' false statements, Vans' stock price traded at inflated levels during the Class Period, increasing to as high as $24.59 on May 31, 2001, whereby the Company and its top officers and directors caused to be sold $60 million worth of Vans shares.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.
If you feel you qualify for damages or remedies that might be awarded in this class action please fill in our form on the right to submit your complaint.
If your injustice does not match the complaint described above, please use this form to register your complaint. Thank you.
