Coach Inc (NYSE: COH) Investor Securities Class Action Lawsuit 04/14/2009

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Company Name(s): 
Coach
Case Name: 
Coach Shareholder Class Action Lawsuit 04/14/2009
Case Status: 
Case Dismissed
Affected Securities
NYSE: COH
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
04/14/2009
Class Period Begin: 
01/23/2007
Class Period End: 
10/22/2007
Court of Filing: 
U.S. District Court for the Southern District of New York
Deadline To File for Lead: 
06/15/2009
Case Dismissed: 
03/29/2010
Summary: 

April 19, 2010 - The court granted the stipulation of voluntary dismissal.

March 29, 2010 - The parties filed a stipulation of voluntary dismissal.

January 22, 2010 - Lead plaintiff and lead counsel were appointed.

June 15, 2009 - Lead plaintiff motions were filed.

April 14, 2009 - An investor in shares of Coach Inc (NYSE: COH) filed a lawsuit in the U.S. District Court for the Southern District of New York on behalf of purchasers of Coach Inc (NYSE: COH) publicly traded securities during the period between January 23, 2007 and October 22, 2007 against Coach Inc and certain of its officers and directors over alleged Federal Securities Laws violations.

According to the complaint the plaintiff alleges that Coach Inc and certain of its officers and directors violated the Securities Exchange Act of 1934 by reporting between January 23, 2007 and October 22, 2007, strong growth for Coach Inc and forecast similar growth going forward, while failing to disclose that its growth rate was, in fact, unsustainable. Then, on October 23, 2007, before the market opened, Coach Inc announced that although its fiscal first-quarter profit rose 23%, traffic in its U.S. retail stores was weak and Coach Inc expected a slow-down in the coming holiday season. As a result of this announcement, Coach Inc’s stock (NYSE: COH) price dropped $4.87 per share (or 12%) to close at $36.60 per share on October 23, 2007, so the lawsuit.