UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK
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HERBERT BLACK, :
on behalf of himself :
and all others similarly situated, :
: CASE NO.
Plaintiff, :
: CLASS ACTION
:
v. :
:
: JURY TRIAL
WARNACO GROUP INC., :
LINDA WACHNER, :
WILLIAM S. FINKELSTEIN, and :
STANLEY P. SILVERSTEIN :
:
Defendants. :
:
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CLASS ACTION COMPLAINT FOR VIOLATION
OF THE SECURITIES EXCHANGE ACT OF 1934
Plaintiff, individually and on behalf of all others similarly situated, by his attorneys,
the following upon information and belief (except for those allegations which pertain to plaintiff
and his attorneys, which allegations are based on personal knowledge). Plaintiff's information and
belief are based on, inter alia, the investigation made by and through plaintiff's attorneys, which
investigation included, without limitation, a review and analysis of public filings made with the
Securities and Exchange Commission ("SEC") and news releases of Warnaco Group, Inc.
("Warnaco" or the "Company") as follows:
INTRODUCTION
SNIPPETS:
UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF NEW YORK
Plaintiff, individually and on behalf of all others similarly situated, by his attorneys,
which allegations are based on personal knowledge).
Securities and Exchange Commission and news releases of Warnaco Group,
This action involves defendants' dissemination of materially false and misleading statements
the price of Warnaco shares.
compared to analysts' revised estimates of a loss of $0.10 per share.
Extraordinary losses of $3.58 per share were being revealed for the first time.
$0.33 per share related to an internal restructuring plan previously announced in prior
loss of $0.25 reflecting the cumulative effect of a change in accounting for retail
Securities Exchange Act of 1934 in connection with the preparation and publication of various
As a result of this catastrophic decline in the value of Warnaco shares, investors have lost,
defendants maintain their chief executive offices and principal place of business
Plaintiff Herbert Black purchased the common stock of Warnaco at artificially inflated prices
Izka, Chaps by Ralph Lauren, Calvin Klein men's, women's, and children's underwear, men's
periodic financial reports and regularly scheduled
periodic report designed to provide timely and reasonably accurate financials prior to the
filings, press releases and other publications as alleged herein are the collective actions
statements, and financial condition, as alleged herein.
that operated as a fraud or deceit on purchasers of Warnaco common stock by disseminating
Excluded from the Class are the defendants; members of their immediate families; any
Whether the Company's publicly disseminated releases and statements during the Class Period
It was completely false for defendant Wachner to claim that "We expect that our earlier
Warnaco would have additional charges to income relating to chargeback reserves and writeoffs,
MIS system depreciation, bank and legal fees, litigation expenses, internal restructuring plan
and in subsequent media disclosure were false and misleading for the reasons stated in ¶ 31,
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