BALA CYNWYD, Pa., Nov. 21, 2003 (PRIMEZONE) -- Law offices of Brodsky & Smith, LLC today announces that a securities class action lawsuit has been filed on behalf of shareholders who purchased the common stock and other securities of Friedman's, Inc. ("Friedman's" or the "Company") (NYSE:FRM), between January 26, 2000 and November 11, 2003, inclusive (the "Class Period"). The class action lawsuit was filed in the United States District Court for the Southern District of New York.
The Complaint alleges that defendants violated federal securities laws by issuing a series of material misrepresentations to the market during the Class Period, thereby artificially inflating the price of Friedman's securities. The Complaint further alleges, among other claims that during the Class Period, Friedman's had understated its "Allowance for Doubtful Accounts," and had understated its credit losses.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased Friedman's stock between January 26, 2000 and November 11, 2003 you have certain rights. To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. If you want to discuss your legal rights, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Marc L. Ackerman, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at clients@brodsky-smith.com, or by calling toll free 877-LEGAL-90.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca