Class Action Lawsuit filed against Carter’s Inc.
admin | Nov 20, 2009
Sarraf Gentile LLP announces that a class action lawsuit was filed against Carter’s, Inc. (NYSE: CRI) and certain of its officers and directors on behalf of those who purchased Carter’s common stock between April 27, 2004 and November 10, 2009 (the “Class Period”). The complaint alleges violations of the Securities Exchange Act of 1934.
The complaint alleges that during the Class Period defendants misrepresented or failed to disclose that: (a) the Company had reported certain margin support payments to major wholesale customers in incorrect periods; (b) as a result, the Company’s financial results were overstated during the Class Period; (c) the Company had failed to properly recognize revenue in violation of GAAP; (d) the Company lacked adequate internal and financial controls; and (e) as a result of the above, the Company’s financial statements during the Class Period were materially false and misleading at all relevant times. The complaint seeks to recover damages on behalf of those who purchased Carter’s common stock during the Class Period.
No class has yet been certified in the action. Until a class is certified, you are not represented by counsel unless you retain one. Sarraf Gentile LLP has not filed a lawsuit against the defendants.
If you are a Carter’s shareholder and want to discuss your legal rights, at no cost and without obligation, please contact Joseph Gentile at Sarraf Gentile LLP (telephone: 212-868-3610; e-mail: joseph@sarrafgentile.com).
Sarraf Gentile LLP has extensive experience litigating shareholder class actions across the United States and has recovered millions of dollars on behalf of injured shareholders.
ATTORNEY ADVERTISING. Prior results do not guarantee a similar outcome.
Contact: Joseph Gentile SARRAF GENTILE LLP 116 John Street, Suite 2310 New York, NY 10038 T 212.868.3610 F 212.918.7967 joseph@sarrafgentile.com www.sarrafgentile.com
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Filed Under: Class Actions
