Fashion apparel retailer Wet Seal describes securities class action litigation

15 Sep '05
2 min read

Trendy young women's apparel retailer The Wet Seal Inc announced at the hearing of the motion to dismiss the Consolidated Class Action brought against the Company and several of its former directors and officers in the United States District Court for the Central District of California, Judge Gary Feess granted the motion to dismiss against all the defendants in the lawsuit, including the Company, because, among other things, many of the misstatements alleged in the Complaint were forward-looking statements protected by the Private Securities Litigation Reform Act's Safe Harbor and that plaintiffs had not adequately alleged any actionable misstatements under the Private Securities Litigation Reform Act.

Judge Feess granted plaintiffs leave to file an amended Complaint, which is due on November 10, 2005.

California based specialty retailer The Wet Seal Inc offers fashionable and contemporary apparel and accessory items. The Company currently operates a total of 397 stores in 46 states, the District of Columbia and Puerto Rico, including 305 Wet Seal stores and 92 Arden B. stores.

The Wet Seal Inc is a long way from its humble beginnings as a tiny Newport Beach bikini shack. Energized by an endless supply of passion, creativity, and dedication, we're moving forward into the future, as a leader in women's fashion.

The Wet Seal Inc

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