Schatz & Nobel, P.C. Announces Class Action Lawsuit Against The
Wet Seal, Inc.
HARTFORD, Conn., Aug. 27 /PRNewswire/ -- The law firm of Schatz & Nobel, P.C.,
which has significant experience representing investors in prosecuting claims
of securities fraud, announces that a lawsuit seeking class action status has
been filed in the United States District Court for the Central District of
California on behalf of all persons who purchased the publicly traded
securities of The Wet Seal, Inc. (NASDAQ:WTSLA) ("Wet Seal") between January 7,
2004 and August 19, 2004 (the "Class Period").
The complaint alleges that Wet Seal failed to disclose and misrepresented the
fact that Wet Seal's strategic initiatives plan was not strengthening its
corporate standing; that demand for Wet Seal's products was based on deep-
discounting and that without deep-discounting its products, demand for such was
at an all time low; and that Wet Seal's projections, outlooks, and positive
statements, were lacking in any reasonable basis when made. On August 19,
2004, Wet Seal reported a net loss from continuing operations of $3.20 per
share for the second quarter ended July 31, 2004. Following this announcement,
shares of Wet Seal fell almost 60% to close at $0.85 per share on August 20,
2004.
If you are a member of the class, you may, no later than October 25, 2004,
request that the Court appoint you as lead plaintiff of the class. A lead
plaintiff is a class member that acts on behalf of other class members in
directing the litigation. Although your ability to share in any recovery is
not affected by the decision whether or not to seek appointment as a lead
plaintiff, lead plaintiffs make important decisions which could affect the
overall recovery for class members, including decisions concerning settlement.
The securities laws require the Court to consider the class member(s) with the
largest financial interest as presumptively the most adequate lead
plaintiff(s).
For more information about the case, its claims, and your rights, please
contact Schatz & Nobel toll-free at (800) 797-5499, or by e-mail at . To view
a copy of the lawsuit initiating the class action, or for more information
about class action cases and Schatz & Nobel, please visit our website:
http://www.snlaw.net/.
CONTACT:
Wayne T. Boulton
Tel.: (800) 797-5499
Website: http://www.snlaw.net/
e-mail: DATASOURCE: Schatz & Nobel, P.C.
CONTACT: Wayne T. Boulton of Schatz & Nobel, P.C., +1-800-797-5499, Web site: http://www.snlaw.net/
|