The Talbots Inc (NYSE: TLB) Investor Securities Class Action Lawsuit 02/03/2011

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Company Name(s): 
Talbots Inc.
Case Name: 
Talbots Inc. Shareholder Class Action Lawsuit 02/03/2011
Case Status: 
Case Dismissed
Affected Securities
NYSE: TLB
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
02/03/2011
Class Period Begin: 
12/08/2009
Class Period End: 
01/11/2011
Court of Filing: 
U.S. District Court for the District of Massachusetts
Deadline To File for Lead: 
04/04/2011
Case Dismissed: 
09/23/2013
Summary: 

September 23, 2013 - The court granted the defendants' motion to dismiss.

September 20, 2012 - The defendants filed a motion to dismiss.

August 15, 2012 - The lead plaintiff filed a second amended complaint.

October 17, 2011 - Defendants filed a motion to dismiss.

July 27, 2011 - The lead plaintiff filed an amended complaint.

April 25, 2011 - The lead plaintiff was appointed.

April 4, 2011 - Lead plaintiff motions were filed.

February 3, 2011 - An investor in shares of Talbots Inc (The) (NYSE: TLB) filed a lawsuit in U.S. District Court for the District of Massachusetts against Talbots Inc (The) over alleged violations of Federal Securities Laws.

According to the class action complaint the plaintiff alleges on behalf of purchasers of the common stock of Talbots Inc (The) (NYSE: TLB) between December 8, 2009 and January 11, 2011, that Talbots Inc (The) and certain of its officers and executives violated the Securities Exchange Act of 1934 by failing to disclose between December 8, 2009 and January 11, 2011 that material adverse facts about its true financial condition, business and prospects. Talbots Inc’s 52/53months Total Revenue decreased from $1.722billion reported on Feb. 3, 2007 to $1.235billion reported on Jan 30, 2010. Its Net Income decreased over the same time frame from $31.58million to a Net Loss of $29.41million.

On January 11, 2011, Talbots Inc (The) provided a Business Update and reported that quarter-to-date top line sales were down approximately 7% versus the fourth quarter of the prior year and the Talbots Inc’s (The) previously announced expectation for fourth quarter top-line sales in the range of flat to down low-single digits. Additionally, quarter-to-date comparable store sales were down approximately 6%. As a result of this news, so the lawsuit, the price of Talbots Inc's (The) common stock (TLB) dropped 17.4%.

Shares of the Talbots Inc (The) (NYSE: TLB) traded during December 2009 as low as $7.20 per TLB shares and then raised throughout 2010 to as high as $15.76 per share. Then on January 11, TLB shares dropped to $6.29 per share and continued to decreased to recently $5.26 per share.