BALA CYNWYD, Pa., June 19, 2002 (PRIMEZONE) -- Shareholders of Circuit City Stores, Inc. ("Circuit City" or the "Company") (NYSE:CC) who desire to serve as a lead plaintiff in a shareholder class action lawsuit now pending in federal court in Virginia (02-CV-212) must submit an application with the Court by June 24, 2002 according to the law firm of Schiffrin & Barroway, LLP.
The lawsuit seeks damages for violations of the federal securities laws on behalf of all investors who purchased Circuit City Stores, Inc. securities between December 6, 2001 and February 22, 2002 (the "Class Period").
Schiffrin & Barroway, LLP has prosecuted shareholder class actions for over fourteen years and has recovered more than $1 billion for investors. If you are a shareholder of Circuit City Stores, Inc. and want to learn more about this lawsuit and about becoming a lead plaintiff, you may visit our website at http://www.sbclasslaw.com/cgi/signup.cgi.
The complaint alleges that the Virginia-based Circuit City Stores, Inc. issued false and misleading statements which failed to disclose, among other things, that Circuit City was facing significant inventory shortages and was experiencing problems with its internal controls which would result in the Company having to incur additional expenses associated with the termination of leases and with the remodeling of nearly half of its retail stores. When defendants did finally disclose the Company's problems on February 22, 2002, the last day of the Class Period, the price of Circuit City stock plummeted over 33% to close at $16.08 per share.
If you purchased Circuit City Stores, Inc. securities between December 6, 2001 and February 22, 2002, you may be a member of the class and have until June 24, 2002 to move the court to become a lead plaintiff. In order to serve as lead plaintiff, however, you must meet certain legal requirements. To be a member of the class, however, you do not need to take any action at this time. Should you decide to seek appointment as a lead plaintiff, you may retain Schiffrin & Barroway, or retain counsel of your choice.
To learn more about your rights and interests in this case and your ability to potentially recoup your losses, please contact Schiffrin & Barroway (Marc A. Topaz, Esq. or Stuart L. Berman, Esq.) directly at 888-299-7706 (toll free) or 610-822-2221, fax number 610-822-0002, e-mail at info@sbclasslaw.com or visit our website at www.sbclasslaw.com.
More information on this and other class actions can be found on the Class Action Newsline at http://www.primezone.com/ca