Cauley & Geller, LLP Announces Class Action Lawsuit Against Steven Madden, Ltd. Seeking Damages On Behalf of Shareholders.Business Editors LITTLE ROCK, Ark.--(BUSINESS WIRE)--July 3, 2000 The Law Firm of Cauley & Geller, LLP LLP - Lower Layer Protocol has filed a class action in the United States District Court for the Eastern District of New York EDNY redirects here, for other uses see EDNY (disambiguation). The United States District Court for the Eastern District of New York is the federal district court whose jurisdiction comprises the entirety of Long Island (including the portion in New York City) and Staten on behalf of all individuals and institutional investors that purchased the common stock of Steven Madden, Ltd. ("Steven Madden" or the "Company") (Nasdaq: SHOO) between June 21, 1997 and June 20, 2000, inclusive (the "Class Period"). The complaint charges that the Company and certain of its officers and directors violated the federal securities laws by failing to disclose material adverse information about the Company and defendant Steven Madden. Specifically, the Complaint charges that the defendants failed to disclose: a) an illegal scheme between defendant Madden and third party Stratton Oakmont ("Stratton") to act as "flippers n. 1. A type of shoe with a paddle-like front extending well beyond the end of the toe, used an aid in swimming (especially underwater). " to gain control of interest that accrued from the Company's stock through a manipulation of the Company's Initial Public Offering ("IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. "); b) defendant Madden's unlawful profiting at the Company's expense through his illegal scheme to act as a flipper See DualDisc. ; and c) the true relationship between the Company and Jordan Belfort ("Belfort"), president of Stratton, regarding Belfort's true beneficial ownership interest in the Company. On June 20, 2000, when the truth was revealed, the public was shocked to learn that defendant Madden had been charged with securities fraud and money laundering The process of taking the proceeds of criminal activity and making them appear legal. Laundering allows criminals to transform illegally obtained gain into seemingly legitimate funds. by the Securities Exchange Commission, causing the Company's stock price to plummet by 15% before trading was halted on the Nasdaq. Cauley & Geller, LLP has substantial experience representing investors in securities fraud class action lawsuits class action lawsuit A lawsuit in which one party or a limited number of parties sue on behalf of a larger group to which the parties belong. For example, investors may bring a class action lawsuit against a brokerage firm that has actively promoted a tax such as this. The firm has offices in Arkansas, California, and Florida but represents shareholders from throughout the nation. If you have any questions about how you may be able to recover for your losses, or if you would like to consider serving as one of the lead plaintiffs in this lawsuit, you must take appropriate action by Aug. 21, 2000. You are encouraged to call or e-mail the firm or visit the firm's Web site at www.classlawyer.com. |
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