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Class Action Suits Allege Abercrombie Misrepresented Profits

Law360 (October 7, 2005, 12:00 AM EDT) -- Retailer Abercrombie & Fitch has been hit with several class action lawsuits filed by shareholders alleging that the company made statements that caused stock to trade at an artificially inflated level.

The suits claim that Abercrombie concealed evidence of diminishing profits, causing earnings projections to be overstated.

One complaint, filed by Lerach, Coughlin, Stoia, Geller, Rudman & Robbins LLP for the period between June 2, 2005 and August 16, 2005 alleges that the company promised investors it had abandoned promotional sales, which tend to diminish profit,...
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