SEATTLE, April 15, 2005 (PRIMEZONE) -- Keller Rohrback L.L.P. (www.erisafraud.com) today announced that it has commenced a class action against Krispy Kreme Doughnuts, Inc. ("Krispy Kreme" or the "Company") (NYSE:KKD) for violations of the Employee Retirement Income Security Act of 1974 ("ERISA"). The lawsuit was filed in the United States District Court for the Middle District of North Carolina. The class action focuses on investments in KKD stock by the Krispy Kreme Doughnut Corp. Retirement Saving Plan and the Krispy Kreme Profit Sharing Stock Ownership Plan (the "Plans") from January 1, 2003, through the present (the "Class Period").
Specifically, the Plaintiffs allege in the Complaint: (1) that Defendants breached their fiduciary duties to Plaintiffs in violation of ERISA by failing to prudently and loyally manage the Plan's investment in KKD stock by continuing to offer KKD stock as an investment option when the stock no longer was a prudent investment for participants' retirement savings; (2) that Defendants who communicated with participants regarding the Plans' assets, or had a duty to do so, failed to provide participants with complete and accurate information regarding KKD stock sufficient to advise participants of the true risks of investing their retirement savings in KKD stock; (3) that Defendants, responsible for the selection, removal, and, thus, monitoring of the Plans' fiduciaries, failed to properly monitor the performance of their fiduciary appointees and remove and replace those whose performance was inadequate; and (4) that Defendants breached their duties and responsibilities as co-fiduciaries in the manner and to the extent set forth in the Complaint.
If you are a member of the Krispy Kreme Doughnut Corp. Retirement Savings Plan, the Krispy Kreme Profit Sharing Stock Ownership Plan, or any other Krispy Kreme sponsored 401(k) Plan, and purchased or held Krispy Kreme stock through the Plans, you may contact any member of our team (paralegal Brian Schiewe or attorneys David Copley or Lynn Sarko) toll free at 800/776-6044, or via e-mail at investor@kellerrohrback.com.
Keller Rohrback is one of America's leading law firms handling ERISA retirement plan litigation. Our attorneys helped pioneer this field in the Lucent and IKON ERISA breach of fiduciary duty cases--the first large-scale ERISA 401(k) cases filed. Keller Rohrback serves as lead and co-lead counsel in numerous ERISA breach of fiduciary duty cases, including the Enron, WorldCom, Inc. and HealthSouth ERISA cases. Recently, Keller Rohrback was appointed lead counsel in the Marsh & McLennan Companies ERISA case. Keller Rohrback has successfully provided class action representation for over a decade. Its trial lawyers have obtained judgments and settlements on behalf of clients in excess of seven billion dollars.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca