LOS ANGELES, March 28, 2003 (PRIMEZONE) -- Glancy & Binkow LLP - a law firm representing shareholders of Michaels Stores, Inc. - announces 10 days remaining to move to be a lead plaintiff in the shareholder lawsuit. All persons and institutions who purchased securities of Michaels Stores, Inc. ("Michaels Stores" or the "Company") (NYSE:MIK) between August 8, 2002 and November 7, 2002, inclusive (the "Class Period"), may move the Court not later than April 7, 2003, to serve as lead plaintiff, however, you must meet certain legal requirements.
If you wish to receive a copy of the Complaint, or have any questions concerning your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy & Binkow LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9161, Toll Free at (888) 773-9224, or e-mail to info@glancylaw.com, or visit our website at www.glancylaw.com.
The Complaint charges Michaels Stores and certain of its executive officers with violations of federal securities laws. Among other things, plaintiff claims that defendants' omissions and misleading statements concerning Michaels Stores' financial performance and business prospects caused Michaels Stores' stock price to become artificially inflated, inflicting damages on investors. Michaels Stores is a national specialty retailer which provides arts and crafts supplies for hobbyists. The complaint alleges that, during the Class Period, defendants consistently represented that Michaels Stores would continue to grow and increase market share, despite the fact that the Company already was experiencing a downturn in store profits and earnings per share and was being affected by the same market conditions that were hurting virtually all of the Company's competitors. The complaint further alleges that at the time Michaels Stores was being adversely affected by the aforementioned factors, but prior to any disclosure to the market, certain of the defendants, while in possession of material adverse information, sold more than $15.3 million worth of their personally held Michaels Stores common stock to the unsuspecting public.
Plaintiff seeks to recover damages on behalf of Class members and is represented by Glancy & Binkow LLP, a law firm with significant experience in prosecuting shareholder lawsuits, and substantial expertise in actions involving corporate fraud.
More information on this and other class actions can be found on theClass Action Newsline at www.primezone.com/ca.