Strauss & Troy Files Class Action Lawsuit Against Tween Brands, Inc.
CINCINNATI, Sept. 14 /PRNewswire/ -- Notice is hereby given that a class
action lawsuit was filed by the law firm of Strauss & Troy on behalf of all
persons who purchased the common stock of Tween Brands, Inc. and Michael
Rayden ('Tween Brands' or the 'Company') (NYSE: TWB) between June 8, 2007 and
August 21, 2007, inclusive (the 'Class Period') and who suffered damages
thereby. The action, case number 07CV852, June Gruhn vs. Tween Brands, Inc.,
et al., is pending in the United States District Court for the Southern
District of Ohio.
The Complaint alleges that during the Class Period, Tween Brands and its
Chief Executive Officer Michael Rayden (the 'Defendants') violated the
Securities Exchange Act of 1934 by failing to disclose and misrepresenting
adverse facts which were known or recklessly disregarded by Defendants.
Specifically, the Complaint alleges that Tween Brands did not properly
disclose that (1) consumer demand had significantly declined; (2) that the
Company was facing increased expenses in the form of higher rent and marketing
costs; and (3) schools had pushed the beginning of the school year later into
the summer.
On August 22, 2007, Tween Brands issued a press release and revealed that
the Company's financial performance had been lower than expected during the
second quarter due to a decline in retail traffic and lower store transactions
throughout the quarter and underestimating the impact of so many schools
moving their back-to-school start dates later. The Company has also revised
their third and fourth quarter outlook downward. On this news, the Company's
shares fell $11.00 per share, or 28.5%, closing at $27.59, on unusually heavy
trading volume.
Plaintiff seeks to recover damages on behalf of all individuals and
entities that purchased Tween Brands common stock during the Class Period. If
you purchased common stock between June 8, 2007 and August 21, 2007, you may,
no later than October 23, 2007 request the Court appoint you as lead
plaintiff. A lead plaintiff is a representative party that acts on behalf of
the class members. In order to be appointed lead plaintiff, the Court must
determine that you meet certain legal requirements. If you wish to review a
copy of the Complaint, discuss this action, or have any questions, please
contact Richard S. Wayne, Esq., or Thomas P. Glass, Esq., Strauss & Troy, 150
East Fourth Street, Cincinnati, Ohio 45202, 800-669-9341 or (513) 621-2120 or
by e-mail at rswayne@strauss-troy.com. The law firm of Strauss & Troy is a
Cincinnati, Ohio law firm, which has successfully represented shareholders in
national securities class actions. For more information about the Firm, visit
our web site at http://www.strausstroy.com.
SOURCE Strauss & Troy
