Kendall Law Group Announces Securities Class Action Against Former Executives of Fleetwood Enterprises, Inc.
September 02 2009 - 12:18PM
Marketwired
Kendall Law Group announced today that a lawsuit has been filed
against former executives of Fleetwood Enterprises, Inc. (NYSE:
FLE) for securities violations related to public statements made by
the company between December 6, 2007 and March 10, 2009.
Any shareholder, who purchased Fleetwood stock during the above
time period, may move the Court to serve as a plaintiff in this
class action. If you wish to serve as lead plaintiff, you must move
the Court for appointment by November 1, 2009. A lead plaintiff is
a class member who acts on behalf of other class members in
directing the litigation. If you wish to learn more about your
rights as a shareholder or serving as a plaintiff, contact attorney
Hamilton Lindley at 877-744-3728 or
hlindley@kendalllawgroup.com.
The complaint, filed in the Central District of California,
charges certain former executives of Fleetwood with violations of
the federal securities laws concerning a series of false and
misleading statements concerning the rapid decline in demand for
manufactured houses and big homes-on-wheels, adversely affecting
the Company's liquidity. Fleetwood produces and distributes
manufactured housing in the United States and Canada. Fleetwood is
not named in this action because it filed for bankruptcy protection
in March 2009. The Company's RV Group sales were declining because
of softening consumer demand and high gasoline prices. Due to the
financial condition with Fleetwood nearing insolvency and
petitioning for bankruptcy protection, Defendants had no reasonable
basis for their positive statements regarding their ability to
control its financial condition.
On March 10, 2009, Fleetwood issued a press release announcing
that it had filed voluntary Chapter 11 petitions for itself and
certain subsidiaries and that it was closing its travel trailer
division. As a result of this announcement, the price of Fleetwood
common stock fell to $0.0103 per share.
Although every case is different, Kendall Law Group has
participated in the recovery of over $800 million for defrauded
shareholders. Led by a former federal judge and former U.S.
Attorney, the firm has the credentials to pursue any type of
complex securities litigation in the nation. If you wish to learn
more about your rights as a shareholder or serving as a lead
plaintiff, contact attorney Hamilton Lindley at 877-744-3728 or
hlindley@kendalllawgroup.com.
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Contact: Hamilton Lindley Kendall Law Group LLP 3232 McKinney,
Ste. 700 Dallas, TX 75204 (214) 744-3000 Telephone (214) 744-3015
Facsimile (877) 744-3728 Toll Free hlindley@kendalllawgroup.com
www.kendalllawgroup.com
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