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• IN RE GUESS?, INC. SECURITIES LITIGATION
• per Borderò SIAE …
• In Re Guess?, Inc. Securities Litigation, 174 F. Supp. 2d 1067 (C.D. Cal. 2001)
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• Items where Division is "Colleges (2008 onwards) > College of Engineering & Physical Sciences"
• Kjell G Salvanes
• Items where Year is 2009
• ⓘ Béla Jankovich

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IN RE GUESS?, INC. SECURITIES LITIGATION

As a result, its stock value dropped and the currentsecurities litigation was instituted against defendants Guess,Maurice Marciano, Paul Marciano, Armand Marciano and BrianFleming. Defendants' bring the present motion to dismiss all claim forfailure to state a claim under Federal Rule of Civil Procedure12 b 6 "Rule 12 b 6 ".

The following facts are derived from the complaint, recordsreferenced in the complaint, or from public records properlybefore the Court 1 :. Guess is primarily engaged in the business of designing,marketing and distributing casual clothing, accessories, andrelated consumer products. Itmarkets its clothing lines through two primary distributionchannels: 1 wholesale distribution, through which Guess sellsits product to large upscale department stores; and 2 retaildistribution, which consists of sales directly to the publicthrough full-price retail and discount factory outlet storesowned and operated by Guess.

For the fiscal year thatended on December 31, "fiscal " , Guess recordedroughly equal revenues from its wholesale and retaildistribution channels. Maurice Marciano is one of the founders of Guess. He is also one of the largest shareholders ofGuess.

He alsoenjoyed sizable holdings of Guess stock. He was also oneof the company's largest shareholders and served on the GuessBoard of Directors during this time. At the same time,Guess admitted that "certain inventory costs and related costsof goods should have been recognized in the third quarter [offiscal ] rather than the fourth quarter.

As a resultof this accounting issue, Guess restated its third quarterresults and announced that adjustments in the fourth quarter"have produced unusually high gross margin rates for the fourthquarter, which should not be expected in future results.

Guess also announced that it was "strengthening controls andprocedures surrounding its inventory cost accounting to assurethe accuracy of future quarterly inventory and gross marginresults, and the company has engaged outside consultants toassist it in doing so. In its SEC K annual report, filed March 30, , Guessdiscussed its current business situation and made projectionsfor the future.

At the end of fiscal , Guess operated 92full-price and 54 factory outlet stores in the United States. These factory outlet stores were usedprimarily to sell outdated fashion items and other slow-movingmerchandise at severely discounted prices. In itsK report, Guess stated: "We plan that our retail divisionwill be our primary growth initiative over the next three tofive years.

Supporting this growth wasGuess's plan to open a number of new stores, increase theaverage size of the new stores, and increase sales productivityof all stores. At the same time, Guess discussed its opening of a "new,automated distribution center in Louisville, Kentucky" toreplace its distribution center in Los Angeles, California.

Its "new, , square-foot facility. This new center was expected to be fullyoperational in the second quarter of fiscal year Guess stated that it uses "fully integrated and automateddistribution systems" in its distribution centers, providing"timely, controlled, accurate and instantaneous updates to thedistribution.

During the fourth quarter of ,enhanced ability to estimate reserves through improved processesand more current and accurate data led Guess to revise itsestimate of certain reserves.

Guess alsorepresented that it valued its inventory at the lower of cost ormarket. In cautioning against its forward-looking statements, Guessstated that "Certain statements. Such statements involve risks and uncertainties,which may cause results to differ materially from those setforth in these statements.

The K went onto identify "[i]mportant factors that could cause actual resultsin future periods to differ materially from our forward-lookingstatements," such as:. In the S-3, Guess related:. The efficient operation of our business is very dependent on our information and accounting systems.

Due to our recent rapid growth and increased international sourcing, we have experienced some difficulties with our current management information and accounting systems. In addition, segments of our current information and accounting systems are manually intensive. We have in the past and may in the future experience errors in entering and processing information.

While we are taking additional action to reduce the risks associated with these situations, including to purchase a new enterprise-wide information system that could integrate all of our business functions, we can give no assurances that these risk will not have a material adverse effect on our results of operations and financial condition.

There, Guess reports that, on February 16, , it filed anamendment to its quarterly report on Form Q for the three andnine month periods ended September 25, Itdid so in order to restate Financial Statement and revise theManagement's Discussion because it had learned that certaininventory costs and related cost of sales should have beenrecognized in the third quarter.

Later, Guess reiterated its belief that "during the fourthquarter of , we enhanced our ability to estimate reservesthrough improved processes and more current and accurate data. As a result, we revised our estimate of certain reserves. In Guess's May 1, Press Release, the company discussedits rising inventory levels.

The majority of these higher inventory levels are theresult of significantly increased product sales, substantiallyhigher wholesale backlog and our retail expansion program. Our wholesale backlog continues at high levels reflecting thepopularity of our brand and product. The Form Q, filedon May 16, for the first quarter, confirmed the resultsannounced in the press release and stated the results were inaccordance with GAAP.

On May 4, , an analyst, David P. The companyplans to liquidate the excess inventories through their outletstores and off price channels over the next two quarters. On June 23, , Maurice Marciano said theemail was "completely false because we do not include sales toour own stores in wholesale backlog.

Paul Marciano commented, "[d]emandfor our brand and product remains strong. In its July 31, Press Release announcing its secondquarter earnings, Guess reported that its earnings increased Paul Marciano commented: "We are verypleased with our seventh consecutive quarter of strong revenueand earnings growth. The remaining increases in inventory is in line with sales trends and is necessary to support our substantially higher wholesale backlog.

We expect to have the inventory overage substantially cleared by early in the fourth quarter. Again, inventory wasrepresented at the lower of cost or market. Unfilledwholesale backlog orders increased Following these reports, several analysts, including Lee F. Backus of the Buckingham Research Group rated Guess positively.

During this time, from August 31 to September 15, These sales consisted of Armand Marciano's selling of 81,common shares and Maurice Marciano's selling of 20, commonshares. These amounts represented 1. See Defs. One security analyst, John P. Rouleau,diagnosed the problem this way: "They were overly aggressive inplanning their sales and inventory levels for the spring,summer, and fall seasons.

They've got too much stuff. These personnelmoves were followed on January 26, with a Press Release. Guess alsodetermined that it was necessary to restate its earnings overthe first three quarters of This was needed becausecertain costs that should have been expensed were capitalizedand the existence of unrecorded inventory accruals, triggered bythe relocation from the Los Angeles distribution facility toLouisville.

This resulted in an overstatement of certainassets and understatements of vendor obligations for inventorypurchases. Carlos Alberini, President and Chief OperatingOfficer said, "We have been working diligently to improvecontrols in our financial and operational planning processes. Evaluating the overall picturefor the year, Maurice Marciano commented, "The challengingretail environment in the Fall contributed to lower sales andmargin pressures.

This, combined with our excess inventorysituation, had a significant negative impact on ourprofitability for the period. The reported remarksassumed the restatement of the company's previously reportedresults for the first three quarters of fiscal year Following some preliminary stages of the litigation, thecurrent Consolidated Amended Class Action Complaint was filed inthis Court on July 9, Federal Rule of Civil Procedure 12 b 6 provides fordismissal when a complaint fails to state a claim upon whichrelief can be granted.

See Fed. A complaintfails to state a claim if it does not allege facts necessary tosupport a cognizable legal claim. See Balistreri v. PacificaPolice Dept. Dean Witter Reynolds.

In reviewing a Rule 12 b 6 motion, the court must presumethe truth of the factual allegations in the complaint, and drawall reasonable inferences in favor of the non-moving party.

SeeParks Sch. Symington, 51 F. City of Los Angeles, F. Dismissal under Rule 12 b 6 isappropriate "only if it is clear that no relief could be grantedunder any set of facts that could be proved consistent with theallegations. Gibson, U. Mobil Oil Co. The issue is not whether the plaintiffwill ultimately prevail, but whether the plaintiff is entitledto offer evidence to support the plaintiffs claim.

See Usher, F. Federal Rule of Civil Procedure 8 a requires only that adefendant be given fair notice of the factual allegationssupporting the complaint. Tarrant Cty. In reSilicon Graphics Inc. Its purpose was to deteropportunistic private plaintiffs from filing abusive securitiesfraud claims, in part, by raising the pleading standards forprivate securities fraud plaintiffs.

Congress raised thepleading bar in three principal ways. First, it requires that "[i]n any private action arising underthis chapter in which the plaintiff may recover money damagesonly on proof that the defendant acted with a particular stateof mind, the complaint shall, with respect to each act oromission alleged.

This requiresa plaintiff plead, in great detail, facts that constitute strongcircumstantial evidence of deliberately reckless or consciousmisconduct. Silicon Graphics, F. Second, a complaint must "specify each statement alleged tohave been false or misleading, [and] the reason or reasons whythe statement is misleading. Ifa complaint does not meet the pleading requirements of thePSLRA, the court, upon motion of the defendant, shall dismissthe complaint.

See 15 U. Plaintiffs attack a variety of statements attributed to thedefendants in this case. Defendants advance several arguments inresponse, but the Court focuses its attention on the factualsufficiency of the allegations directed at establishing thefalsehood and at establishing scienter.

In particular six coreassertions form the backbone of the allegations in thecomplaint, arranged for ease of reference:. See Compl.

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Robert Menzies Mitchell was a physician and political figure in Saskatchewan, Canada. Mitchell practised seven years in Dundalk. In , he came to Indian Head, Saskatchewan, later setting up practice in Weyburn. Mitchell also opened a drug store. He also served as quarantine inspector along the Soo Line from to In , he married Margaret McKinnon.

In Re Guess?, Inc. Securities Litigation, 174 F. Supp. 2d 1067 (C.D. Cal. 2001)

As a result, its stock value dropped and the current securities litigation was instituted against defendants Guess, Maurice Marciano, Paul Marciano, Armand Marciano and Brian Fleming. Defendants' bring the present motion to dismiss all claim for failure to state a claim under Federal Rule of Civil Procedure 12 b 6 "Rule 12 b 6 ". The following facts are derived from the complaint, records referenced in the complaint, or from public records properly before the Court [1] :. Guess is primarily engaged in the business of designing, marketing and distributing casual clothing, accessories, and related consumer products. For the fiscal year that ended on December 31, "fiscal " , Guess recorded roughly equal revenues from its wholesale and retail distribution channels. Maurice Marciano is one of the founders of Guess. He is also one of the largest shareholders of Guess. He also enjoyed sizable holdings of Guess stock.

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The sunlight pierces through the ruins of Corfe Castle. Nearly time for breakfast! Thanks to Wendy and Graham for the title! It then follows a consistent curve leading to the tail end, accommodating a changing slope, into the two stations.

Items where Division is "Colleges (2008 onwards) > College of Engineering & Physical Sciences"

Scripps Networks Interactive Inc. Shares of On Assignment Inc. Green Dot Corp. The company did raise its full-year outlook based on trends of higher card usage by customers. Shares of True Religion Apparel Inc. A bill to dissolve the industrial city of Vernon handily passed the state Assembly, despite fierce opposition from Vernon businesses and labor groups.

Kjell G Salvanes

Feedback For webmasters. Periodicals Literature. Keyword Title Author Topic. No portion of this article can be reproduced without the express written permission from the copyright holder. Topics: Automobile dealers. Automobile equipment and supplies industry. Essences and essential oils industry.

Items where Year is 2009

Several years ago, Gucci, which started in Florence in the nineteen-twenties as a small leather-goods concern, moved its design headquarters to Rome, where it occupies a grand Renaissance building called the Palazzo Alberini-Cicciaporci. Since January, , this position has been held by Alessandro Michele, a forty-three-year-old native of Rome, who has worked at Gucci for fourteen years. Before his ascension, he was second-in-command at the company, overseeing its lucrative line of accessories.

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