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Schatz & Nobel, P.C. Announces Class Action Lawsuit Against PETCO Animal Supplies, Inc.23 April 2005
The law firm of Schatz & Nobel, P.C., which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Southern District of California on behalf of all persons who purchased the common stock of PETCO Animal Supplies, Inc. (NASDAQ:PETC) ('PETCO' or 'the Company') between November 18, 2004 and April 14, 2005, inclusive (the 'Class Period').
The Complaint alleges that PETCO and certain of its officers and directors violated federal securities laws. Specifically, defendants caused PETCO's shares to trade at artificially inflated levels through the issuance of false and misleading financial statements. On November 18, 2004, PETCO announced Q3 2004 results and raised its guidance for FY 2004. PETCO subsequently issued very favorable results for FY 2004. As a result, by April 2005, PETCO's stock was trading above $37 per share. On April 15, 2005, before the market opened, the Company issued a press release entitled 'PETCO to Delay Filing of Form 10- K.' The release stated that PETCO would delay the filing of its Form 10-K with the Securities and Exchange Commission and that it had requested a 15-day extension after it discovered accounting errors related to certain under- accrued expenses in its distribution operations.
PETCO anticipated its Q4 2004 earnings would be reduced by $3.0 -- $4.5 million and expected that FY 2005 earnings would be reduced by a similar amount, as it took into consideration the nature of the under-accrual of expenses. On news of the accounting improprieties, the stock dropped 15% to close at $30.36 per share. If you are a member of the class, you may, no later than June 17, 2005, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members, including decisions concerning settlement.
The securities laws require the Court to consider the class member(s) with the largest financial interest as presumptively the most adequate lead plaintiff(s). For more information about the case, its claims, and your rights, please contact Schatz & Nobel toll-free at (800) 797-5499, or by e-mail at sn06106@aol.com. To view a copy of the Complaint initiating the class action, which was not filed by Schatz & Nobel, or for more information about this case, class action cases in general, or Schatz & Nobel, please visit our website: http://www.snlaw.net/.
CONTACT: Wayne T. Boulton or Nancy A. Kulesa Tel.: (800) 797-5499 Website: http://www.snlaw.net/ e-mail: sn06106@aol.com Source: Schatz & Nobel, P.C. CONTACT: Wayne T. Boulton or Nancy A. Kulesa of Schatz & Nobel, P.C., +1-800-797-5499, sn06106@aol.com Web site: http://www.snlaw.net/
Source: dBusinessNews Hartford
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