Brower Piven Encourages Investors Who Have Losses in Excess of $200,000 From Investment in Fleetwood Enterprises, Inc. to Inquir
September 11 2009 - 4:03PM
Marketwired
Brower Piven, A Professional Corporation announces that a class
action lawsuit has been commenced in the United States District
Court for the Central District of California on behalf of
purchasers of the common stock of Fleetwood Enterprises, Inc.
("Fleetwood" or the "Company") (NYSE: FLE) during the period
between December 6, 2007 and March 10, 2009, inclusive (the "Class
Period").
No class has yet been certified in the above action. Members of
the Class will be represented by the lead plaintiff and counsel
chosen by the lead plaintiff. If you wish to choose counsel to
represent you and the Class, you must apply to be appointed lead
plaintiff no later than November 2, 2009 and be selected by the
Court. The lead plaintiff will direct the litigation and
participate in important decisions including whether to accept a
settlement and how much of a settlement to accept for the Class in
the action. The lead plaintiff will be selected from among
applicants claiming the largest loss from investment in the Company
during the Class Period. You are not required to have sold your
shares to seek damages or to serve as a Lead Plaintiff. You may
contact Brower Piven (through hoffman@browerpiven.com or
410/986-0036) to answer any questions you may have in that
regard.
The complaint accuses the defendants of violations of the
Securities Exchange Act of 1934 by virtue of the Company's failure
to disclose during the Class Period that demand for Fleetwood's
manufactured houses and the big homes-on-wheels was rapidly
declining from softening consumer demand due to high gasoline
prices and the credit crisis, and that the resulting adverse effect
on the Company's liquidity such that the Company was nearing
insolvency and would have to file for bankruptcy protection and
such that defendants had no reasonable basis for their positive
statements regarding the Company's ability to control its
deteriorating financial condition. According to the complaint,
after the Company announced on March 10, 2009, that it had filed
bankruptcy for itself and certain operating subsidiaries and that
it was closing its travel trailer division, the value of
Fleetwood's stock declined significantly.
If you have suffered a net loss for all transactions in
Fleetwood Enterprises, Inc. common stock during the Class Period,
you may obtain additional information about this lawsuit and your
ability to become a lead plaintiff by contacting Brower Piven at
www.browerpiven.com, by email at hoffman@browerpiven.com, by
calling 410-986-0036, or at Brower Piven, A Professional
Corporation, The World Trade Center-Baltimore, 401 East Pratt
Street, Suite 2525, Baltimore, Maryland 21202. Attorneys at Brower
Piven have combined experience litigating securities and class
action cases of over 40 years. If you choose to retain counsel, you
may retain Brower Piven without financial obligation or cost to
you, or you may retain other counsel of your choice. You need take
no action at this time to be a member of the class.
CONTACT: Charles J. Piven Brower Piven, A Professional
Corporation Baltimore, Maryland 410/986-0036 Email Contact
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