NEW YORK, June 6, 2011 (GLOBE NEWSWIRE) -- On June 3, 2011, Scott+Scott LLP filed a class action complaint against The Timberland Company ("Timberland" or the "Company") (NYSE:TBL) and certain of the Company's officers in the U.S. District Court for the District of New Hampshire. The action for violations of the Securities Exchange Act of 1934 is brought on behalf of those purchasing the common stock of Timberland between February 17, 2011 and May 4, 2011, inclusive (the "Class Period").
If you purchased the common stock of Timberland during the Class Period and wish to serve as a lead plaintiff in the action, you must move the Court no later than 60 days from today, or August 5, 2011. Any member of the investor class may move the Court to serve as lead plaintiff through counsel of its choice, or may choose to do nothing and remain an absent class member. If you wish to discuss this action or have questions concerning this notice or your rights, please contact Scott+Scott (scottlaw@scott-scott.com, (800) 404-7770, (860) 537-5537 or visit the Scott+Scott website, scott-scott.com/timberland) for more information. There is no cost or fee to you.
The complaint filed in the action charges that, during the Class Period, the Company disseminated bullish statements about then-present sales trends, cost discipline and inventory levels and an anticipated return to a 15% operating profit, and that, as a result of these representations, Timberland share prices traded at artificially inflated prices. However, the complaint alleges, in making the positive Class Period statements, Timberland and certain of its officers and directors concealed that demand for the Company's key products had actually dramatically declined, that the Company's inventory levels were rising and that Timberland had significantly increased the Company's advertising spending in order to buttress sagging sales demand, which would decrease operating income.
On May 5, 2011, Timberland disclosed the financial results for the Company's first quarter 2011 that far underperformed that which Timberland had led the market to expect during the Class Period. As a result of this revelation, prices of the Company's common stock declined precipitously.
Scott+Scott has significant experience in prosecuting major securities, antitrust and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals and other entities worldwide.