In re Carter’s, Inc. Securities Litigation
On January 18, 2012, the Honorable Amy Totenberg of the United States District Court for the Northern District of Georgia granted preliminary approval to a partial settlement in the amount of $20 million in cash, plus interest, in the class action In re Carter's, Inc. Sec. Litig., No. 1:08-CV-2940-AT.
Labaton Sucharow LLP is the court-appointed Lead Counsel for Lead Plaintiff Plymouth County Retirement System and the settlement class.
This partial settlement resolves claims against Carter's, Inc. ("Carter's"), Frederick J. Rowan, II, Joseph Pacifico, Michael D. Casey, Andrew North, Charles E. Whetzel, Jr., and Joseph M. Elles (collectively, the "Settling Defendants"). The litigation continues against non-settling defendant PricewaterhouseCoopers LLP.
Lead Plaintiff, on behalf of the settlement class, alleges that the Settling Defendants made material misstatements and omissions in connection with Carter's publicly-filed financials in violation of Sections 10(b), 20(a), and 20A of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder, which had the effect of artificially inflating the price of Carter's publicly traded securities. The alleged misstatements concerned the growth prospects of children's apparel manufacturer OshKosh B'Gosh, Inc., which was acquired by Carter's in July 2005, as well as an alleged "smoothing" of Carter's financial results by the manipulation of accommodation payments.
If you purchased common stock or options of Carter's during the period from March 16, 2005 through November 10, 2009, inclusive, and were allegedly damaged thereby, you may be eligible to recover if you submit a Proof of Claim and Release form with supporting documents by June 1, 2012.
A settlement hearing will be held on May 31, 2012, at 11:00 AM before Judge Totenberg in Courtroom 2308 of the United States District Court for the Northern District of Georgia, Richard B. Russell Federal Building and United States Courthouse, 75 Spring Street, SW, Atlanta, GA 30303-3309. The deadline for objecting to the settlement or for seeking exclusion from the settlement class is May 10, 2012.
A copy of the Notice, Proof of Claim, Preliminary Approval Order, Stipulation and Agreement of Settlement, Brief in Support of Motion for Final Approval, Brief in Support of Motion for Attorneys' Fees, and the Declaration in Support of Motion for Final Approval and Motion for Attorneys' Fees can be accessed by clicking on the links to the left.
