Aeropostale Inc (NYSE: ARO) Investor Securities Class Action Lawsuit 10/11/2011

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Company Name(s): 
Aeropostale
Case Name: 
Aeropostale Shareholder Class Action 10/11/2011
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Affected Securities
NYSE: ARO
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
10/11/2011
Class Period Begin: 
03/11/2011
Class Period End: 
08/18/2011
Court of Filing: 
U. S. District Court for the Southern District of New York
Deadline To File for Lead: 
12/12/2011
Date Settled: 
01/30/2014
Settlement Amount: 
$15,000,000
Deadline to Participate in Settlement: 
06/20/2014
Settlement Notice: 
Settlement Proof: 
Summary: 

May 14, 2014 - 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.

May 9, 2014 - The court held a final settlement hearing.

January 30, 2014 - The court preliminarily approved the settlement.

January 29, 2014 - Parties filed a stipulation of settlement.

March 25, 2013 - The court denied the defendants' motion to dismiss.

March 12, 2012 - The defendants filed a motion to dismiss.

February 10, 2012 - The lead plaintiff filed an amended complaint on behalf of investors who purchased Aeropostale Inc (NYSE: ARO) common shares between March 11, 2011 and August 18, 2011. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between March 11, 2011 and August 18, 2011.

December 12, 2011 - A lead plaintiff motion was filed.

October 11, 2011 - An investor in shares of Aeropostale Inc (NYSE: ARO) filed a lawsuit in U.S. District Court for the Southern District of New York against Aeropostale Inc over alleged Violations of Federal Securities Laws.

According to the complaint the plaintiff alleges on behalf of purchasers of the common stock of Aeropostale Inc (NYSE: ARO) between February 3, 2011 and August 3, 2011, that Aeropostale Inc and certain of its officers and directors violated the Securities Exchange Act of 1934 by issuing materially false and misleading statements regarding its business and prospects.

Aeropostale Inc’s 52week Total Revenue rose from $1.59billion reported on Feb. 2, 2008 to $2.4billion reported on Jan. 29, 2011 and its Net Income over the same time frame increased from $129.20million to $231.34million.

Shares of Aeropostale Inc (NYSE: ARO) rose over the 3:2 split on March 5, 2010 to as high as $31.88 on April 23, 2010, respectively $30.88 on July 23, 2010.

Then in September 2010 Aeropostale Inc (NYSE: ARO) stocks took a dive from almost $31 in July to almost $22 on September 3, 2010. Aeropostale Inc (NYSE: ARO) shares closed 2010 at $24.64 per share. In the first months of 2011 Aeropostale Inc shares rose to $26.64 on February 18, respectively $26.03 on April 15, 2011.

On August 3, 2011, Aeropostale Inc announced updated expectations for the second quarter. Aeropostale Inc said that for the second quarter of fiscal 2011 net sales decreased 5% to $468.2 million, from $494.7 million in the year ago period and that the Company expects net earnings to be in the range of $0.02 to $0.03 per share.

On August 18, 2011 Aeropostale Inc announced its second quarter results. Aeropostale Inc confirmed its on August 3, 2011 expected numbers for the second quarter 2011 and also issued a third quarter 2011 EPS guidance, which is below analysts’ estimates.

Following the announcements Aeropostale Inc (NYSE: ARO) shares fell from $16.52 per share on August 3, 2011 to $12.53 on August 4, 2011 and continued to decline to as low as $9.31 on Sept. 22, 2011.