NEWARK, N.J., Feb. 20, 2004 (PRIMEZONE) -- A class action lawsuit was filed in the United States District Court for the Northern District of Illinois on behalf of purchasers of Whitehall Jewellers, Inc. (NYSE:JWL) ("Whitehall" or the "Company") common stock during the period between November 19, 2001 and December 10, 2003, inclusive (the "Class Period").
The complaint alleges that defendants Whitehall, Hugh M. Patinkin, Manny A. Brown, Matthew M. Patinkin, Jon H. Browne, and John R. Desjardins violated the federal securities laws during the Class Period. Specifically, the complaint alleges that defendants issued statements concerning the Company's financial results, which failed to disclose and/or misrepresented the following adverse facts, among others:
A. that defendants had improperly and untimely recognized revenue
on certain of the Company's customer transactions;
B. that the Company's inventory was materially overstated;
C. that defendants violated Generally Accepted Accounting
Principles ("GAAP") and the Company's own internal policies
regarding the timing of revenue recognition; and
D. as a result of the foregoing, the Company's revenues, net income
and earnings per share published during the Class Period were
materially false and misleading.
On November 6, 2003, Whitehall announced that it had received a subpoena from the SEC as part of an investigation into a complaint that Whitehall helped a former supplier perpetrate an accounting fraud. In December 2003, Whitehall announced that it had fired its CFO, would delay reporting results for its fiscal third quarter, and would be restating its financial statements for fiscal years 2000 through the first two quarters of fiscal 2003.
If you bought Whitehall shares between November 19, 2001 and December 10, 2003, and you wish to serve as lead plaintiff, you must move the Court no later than April 12, 2004. In order to serve as lead plaintiff, however, you must meet certain legal requirements. You may retain Zimmerman, Levi & Korsinsky, LLP, or other counsel of your choice, to serve as your counsel in this action. Zimmerman, Levi & Korsinsky, LLP represents investors and consumers in class action and corporate governance litigation throughout the United States. The firm maintains offices in New York and New Jersey.
For more information, or to obtain a copy of the complaint and other information in order to join the lawsuit via E-mail or U.S. Mail, please contact: Eduard Korsinsky, Esq.; Zimmerman, Levi & Korsinsky, LLP; 39 Broadway, Suite 1440: New York, N.Y. 10006; Tel. (212) 363-7500; Toll Free: (800) 835-4950; E-mail: ek@zlklaw.com