Trendy young women's apparel retailer Wet Seal Inc Consolidated Class Action filed a Consolidated First Amended Class Action Complaint against, among others, the Company and certain of its former officers and directors in the United States District Court for the Central District of California.
The Consolidated First Amended Class Action Complaint, which purports to be brought on behalf of all persons who purchased the Company's publicly-traded securities between November 30, 2003 and August 19, 2004, alleges that the Company violated Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder, as well as Section 20(a) of that Act, by making false and misleading financial reports and statements during the class period.
In September 2005, the United States District Court judge presiding over the Consolidated Class Action granted the Company's motion to dismiss against all the defendants in the originally filed lawsuit, including the Company.
At that time, the judge granted plaintiffs leave to file an amended Complaint.
The Company intends to file a motion to dismiss the Consolidated First Amended Class Action Complaint.
Headquartered in Foothill Ranch, California, The Wet Seal Inc is a leading specialty retailer of fashionable and contemporary apparel and accessory items.
The Company currently operates a total of 402 stores in 46 states, the District of Columbia and Puerto Rico, including 309 Wet Seal stores and 93 Arden B stores.