Shareholder Alleges Securities Fraud Against the Wet Seal, Inc.,
Announces Weiss & Yourman
LOS ANGELES, Oct. 1 /PRNewswire/ -- The law firm of Weiss & Yourman announced
today that a class action lawsuit has been filed in the United States District
Court for the Central District of California, entitled Sadowsky v. The Wet
Seal, Inc., on behalf of persons who acquired the securities of The Wet Seal,
Inc., (NASDAQ:WTSLA) ("Wet Seal" or "Company") between January 9, 2003 and
August 19, 2004 inclusive (the "Class Period").
Wet Seal is a retailer with over 600 specialty stores selling women's apparel
and accessories. The Complaint alleges that during the Class Period defendants
released, or caused to be released, false and misleading statements to
artificially inflate the value of Wet Seal stock and thereby violated Sections
10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5
promulgated thereunder. The Complaint alleges that the Company failed to
disclose and misrepresented material adverse facts which were known to
defendants or recklessly disregarded by them. Specifically, that the Company's
strategic initiatives plan was not strengthening the Company's corporate
standing and lead to the company's financial demise; that supply and demand for
the Company's products was based on deep-discounting, without which the Company
could not survive. Consequently, the overly-stated projections and positive
statements made by the Company were without merit at the time they were made.
Plaintiff seeks to recover damages on behalf of the Class and is represented by
Weiss & Yourman. The firm, with offices in New York and Los Angeles, has
extensive experience in complex litigation, particularly securities class
actions, and has been appointed lead class counsel in numerous consolidated and
multi-district cases. You may visit the firm's website at
http://www.wyca.com/.
If you are a member of the Class as described above, you may move the Court no
later than October 25, 2004, to serve as a lead plaintiff for the Class.
However, in order to do so, you must meet certain legal requirements pursuant
to the Private Securities Litigation Reform Act of 1995.
If you wish to discuss this action, participate in this suit, or have any
questions or concerns regarding this notice, or preservation of your rights,
please contact: Angela S. Rupert , Esq. Weiss & Yourman -- Los Angeles
Telephone: (800) 437-7918
email:
internet: http://www.wyca.com/ DATASOURCE: Weiss & Yourman CONTACT: Angela S. Rupert, Esq. of Weiss & Yourman -- Los Angeles, +1-800-437-7918, Web site: http://www.wyca.com/
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