Abercrombie & Fitch Co (NYSE: ANF) Investor Securities Class Action Lawsuit 09/02/2005

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Company Name(s): 
Abercrombie & Fitch
Case Name: 
Abercrombie & Fitch Shareholder Class Action Lawsuit 09/02/2005
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Affected Securities
NYSE: ANF
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
09/02/2005
Class Period Begin: 
06/02/2005
Class Period End: 
08/16/2005
Court of Filing: 
U.S. District Court for the Southern District of Ohio
Date Settled: 
09/24/2010
Settlement Amount: 
$12,000,000
Deadline to Participate in Settlement: 
11/03/2010
Summary: 

September 24, 2010 - The court approved the settlement, entered the orders approving the plan of allocation, the motion for attorneys’ fees and expenses, and dismissed the action with prejudice.

October 15, 2010 - The appeal is dismissed.

July 1, 2010 - The court preliminarily approved the settlement.

June 22, 2010 - Parties filed a stipulation of settlement.

August 25, 2009 - The plaintiff filed a notice of appeal.

March 12, 2009 - The court granted the motion to dismiss and ordered the case dismissed.

October 13, 2006 - The defendants filed a motion to dismiss.

August 14, 2006 - The lead plaintiff filed an amended complaint.

November 1, 2005 - Lead counsel motions were filed.

September 21, 2005 - An additional investor filed a complaint in the U.S. District Court for the Southern District Ohio on behalf of investors who purchased Abercrombie & Fitch Co (NYSE: ANF) common shares between May 17, 2005 and August 16, 2005.

September 13, 2005 - Another investor filed a complaint in the U.S. District Court for the Southern District Ohio on behalf of investors who purchased Abercrombie & Fitch Co (NYSE: ANF) common shares between May 17, 2005 and August 3, 2005.

September 2, 2005 - An investor in shares of Abercrombie & Fitch Co (NYSE: ANF) filed a lawsuit in the U.S. District Court for the Southern District of Ohio against Abercrombie & Fitch Co over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between June 2, 2005 and August 16, 2005.

The complaint alleges that defendants Abercrombie & Fitch Co and certain of its present and former officers and/or directors violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, by issuing a series of material misrepresentations to the market between June 2, 2005 and August 16, 2005, thereby artificially inflating the price of Abercrombie & Fitch Co (NYSE: ANF) securities.

The plaintiff claims that Abercrombie & Fitch Co (a) carried out a scheme to deceive the investing public; (b) made untrue statements of material fact and/or omitted to state material facts necessary to make the statements not misleading; and (c) engaged in acts, practices, and a course of business which operated as a fraud and deceit upon the purchasers of the company's securities in an effort to maintain artificially high market prices for Abercrombie & Fitch Co securities. More specifically, the complaint alleges that between June 2, 2005 and August 16, 2005. Abercrombie & Fitch Co made positive public announcements about its monthly and quarterly sales results while, at the same time they did not reveal that the company's margins, a material indicator of the company's true financial condition, would be lower in its 2005 second fiscal quarter. In July 2005, Abercrombie & Fitch Co's Chairman and CEO sold more than 1.6 million shares of Abercrombie & Fitch Co (NYSE: ANF) common stock reaping $118 million in profits based on negative, material Company information known to him, but unknown to plaintiff and investors. Following the revelation of the material, undisclosed information, Abercrombie & Fitch Co (NYSE: ANF) common stock price plummeted, resulting in substantial losses to shareholders.