Thursday October 16 12:01 PM EDT
Company Press Release
Notice of Pendency of Class Action on Behalf of Children's Place Investors
BALA CYNWYD, Pa.--(BUSINESS WIRE)--Oct. 16, 1997--Pursuant to 15 U.S.C. 77z-1 (a)(3)(A)(i) notice is hereby
given that on Oct. 16, 1997, a class action lawsuit was filed in the United States District Court for the Northern District of New
Jersey on behalf of all persons who purchased the common stock of Children's Place Retail Stores Inc. (''Children's Place'' or
the ''Company'') issued in connection with and/or traceable to the Company's initial public offering (the ''IPO'' or the
''Offering''), on or about Sept. 18, 1997 or at any time since the IPO, up to and including Oct. 13, 1997 (the ''Class Period'').
The complaint charges Children's Place, certain of its officers and directors, and the underwriters of its IPO with violations of
Sections 11, 12 (a) (2) and 15 of the Securities Act of 1933.
The complaint alleges that the Prospectus for the Offering included material misrepresentations and omissions concerning the
Company's true financial condition at the time of the Offering in light of the Company's ongoing trend of declining sales in its
fiscal third-quarter, as well as the disappointing performance of its recently opened stores.
Plaintiff seeks to recover damages on behalf of class members and is represented by the law firms of Schiffrin & Craig, Ltd.
and Goldstein, Lite & DePalma, who have significant experience and expertise prosecuting class actions on behalf of investors
and shareholders.
Schiffrin & Craig, Ltd. maintains offices in Bala Cynwyd, Buffalo Grove, Ill. and Voorhees, N.J. and is active in major
litigations pending in federal and state courts throughout the United States. Schiffrin & Craig has taken a leading role in
numerous important actions on behalf of defrauded investors and is responsible for a number of outstanding recoveries.
If you are a member of the class described above, you may, not later than 60 days from the date of this notice, move the Court
to serve as lead plaintiff of the class, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal
requirements.
If you wish to discuss this action or have questions concerning this notice or your rights or interests with respect to these
matters, please contact Schiffrin & Craig, Ltd. (Andrew L. Barroway, Esq.), Three Bala Plaza East, Ste. 400, Bala Cynwyd,
Pa. 19004. |
