SHAREHOLDER ALERT: Brower Piven Encourages Investors Who Have Losses in Excess of $100,000 From Investment in Movado Group, I...
February 27 2015 - 9:22PM
The securities litigation law firm of Brower Piven, A Professional
Corporation, announces that a class action lawsuit has been
commenced in the United States District Court for the District of
New Jersey on behalf of purchasers of Movado Group, Inc. ("Movado"
or the "Company") (NYSE:MOV) securities during the period between
March 25, 2014 and November 13, 2014, inclusive (the "Class
Period"). Investors who wish to become proactively involved in the
litigation have until April 6, 2015 to seek appointment as lead
plaintiff.
If you have suffered a loss from investment in Movado securities
purchased on or after March 25, 2014 and held through the
revelation of negative information during and/or at the end of the
Class Period, as described below, and would like to learn more
about this lawsuit and your ability to participate as a lead
plaintiff, without cost or obligation to you, please visit our
website at http://www.browerpiven.com/currentsecuritiescases.html.
You may also request more information by contacting Brower Piven
either by email at hoffman@browerpiven.com or by telephone at (410)
415-6616. 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 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 Company
securities during the Class Period. Brower Piven also encourages
anyone with information regarding the Company's conduct during the
period in question to contact the firm, including whistleblowers,
former employees, shareholders and others.
The complaint accuses the defendants of violations of the
Securities Exchange Act of 1934 by virtue of the defendants'
failure to disclose that MGI's watch brands were suffering from
poor performance in fiscal 2015. Defendants also made materially
false and/or misleading statements about the purportedly attractive
business prospects and strong growth expected for the Company's
flagship Movado brand, as well as its portfolio of licenses brands.
Additionally, the Company misled investors regarding its initiative
to boost the Movado brand by cannibalizing the ESQ brand's shelf
space at various retailers. On November 14, 2014, Movado announced
disappointing third quarter financial results, stated that it would
be lowering its fiscal year 2015 guidance, and revealed that
certain brands, including Movado, Lacoste, and Scuderia Ferrari had
not performed as well as expected.
According to the complaint, following the Company's November 14,
2014 announcement, the value of Movado shares declined
significantly.
Attorneys at Brower Piven have extensive experience in
litigating securities and other class action cases and have been
advocating for the rights of shareholders since the 1980s. 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
1925 Old Valley Road
Stevenson, Maryland 21153
Telephone: 410-415-6616
hoffman@browerpiven.com
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