NEW YORK, May 25 – LAWFUEL – The Law News Network – Wolf Haldenstein Adler Freeman & Herz LLP filed a class action lawsuit in the United States District Court for the Southern District of New York, on behalf of all persons who purchased the
securities of Collins & Aikman Corporation (“Collins & Aikman” or the
“Company”) (NYSE: CKC) between May 15, 2003 and March 17, 2005, inclusive,
(the “Class Period”) against defendants Jerry L. Monsingo, David A. Stockman,
J. Michael Stepp, and Bryce Koth, officers of the Company during the Class
Period.
The case name is Egleston v. Monsingo., et al. A copy of the complaint
filed in this action is available from the Court, or can be viewed on the Wolf
Haldenstein Adler Freeman & Herz LLP website at http://www.whafh.com.
The complaint alleges that defendants violated the federal securities laws
by issuing materially false and misleading statements throughout the Class
Period that had the effect of artificially inflating the market price of the
Company’s securities.
The complaint further alleges that during the Class Period, statements
made by defendants were materially false and misleading when made because they
failed to disclose and/or misrepresented the following adverse facts, among
others: (1) that the Company improperly accounted for certain supplier
rebates; (2) that the Company’s financial statements required net adjustments
of approximately $10-$12 million; (3) that the Company’s financial statements
were not prepared in accordance with GAAP; (4) that the Company lacked
adequate internal controls and was therefore unable to ascertain the true
financial condition of the Company; and (5) that as a consequence of the
foregoing, the Company’s net income and financial results were materially
overstated.
If you purchased Collins & Aikman securities during the Class Period, you
may request that the Court appoint you as lead plaintiff by June 6, 2005. A
lead plaintiff is a representative party that acts on behalf of other class
members in directing the litigation. In order to be appointed lead plaintiff,
the Court must determine that the class member’s claim is typical of the
claims of other class members, and that the class member will adequately
represent the class. Under certain circumstances, one or more class members
may together serve as “lead plaintiff.” Your ability to share in any recovery
is not, however, affected by the decision whether or not to serve as a lead
plaintiff. You may retain Wolf Haldenstein, or other counsel of your choice,
to serve as your counsel in this action.
Wolf Haldenstein has extensive experience in the prosecution of securities
class actions and derivative litigation in state and federal trial and
appellate courts across the country. The firm has approximately 60 attorneys
in various practice areas; and offices in Chicago, New York City, San Diego,
and West Palm Beach. The reputation and expertise of this firm in shareholder
and other class litigation has been repeatedly recognized by the courts, which
have appointed it to major positions in complex securities multi-district and
consolidated litigation.
If you wish to discuss this action or have any questions, please contact
Wolf Haldenstein Adler Freeman & Herz LLP at 270 Madison Avenue, New York, New
York 10016, by telephone at (800) 575-0735 (Fred Taylor Isquith, Esq., Gustavo
Bruckner, Esq., or Derek Behnke), via e-mail at classmember@whafh.com or visit
our website at http://www.whafh.com. All e-mail correspondence should make
reference to Collins & Aikman.
Web Site: http://www.whafh.com
