LITTLE ROCK, Ark., May 24,2002 (PRIMEZONE) -- The Emerson Firm, a securities trial law firm with offices in Houston, Texas and Little Rock, announced today that a class action has been filed in the United States District Court for the Eastern District of Virginia on behalf of purchasers of Circuit City Stores, Inc. (NYSE:CC) ("Circuit City" or the "Company") common stock during the period between December 6, 2001 and February 22, 2002, inclusive (the "Class Period"). A copy of the complaint filed in this action is available from the Court, or can be obtained from the firm by calling the toll free number below.
The complaint charges Circuit City and certain of its officers and directors with issuing false and misleading statements concerning its business and financial condition. Specifically, the complaint alleges that defendants issued materially false statements during the Class Period, 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 bought Circuit City common stock between December 6, 2001 and February 22, 2002, inclusive, and you wish to serve as lead plaintiff, you must move the Court no later than June 24, 2002. If you are a member of this class, you can join this class action by contacting the Investor Relations Department of the firm. Any member of the purported class may move the Court to serve as lead plaintiff through The Emerson Firm or other counsel of their choice.
The Emerson Firm has substantial experience representing investors in securities fraud class action lawsuits such as this. The firm has offices in Texas and Arkansas, but represents investors throughout the nation. If you have any questions about how you may be able to recover for your losses, or if you would like to consider serving as one of the lead plaintiffs in this lawsuit, you are encouraged to call toll free or e-mail the Firm.
THE EMERSON FIRM
Investor Relations Department:
Ms. Tanya Autry
P.O. Box 25336
Little Rock, AR 72221-5336
Toll Free: 1-800-663-9817
E-mail: tanya.autry@worldnet.att.net
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca