Class action lawsuit filed against Sears, Roebuck & Co.PHILADELPHIA--(BUSINESS WIRE)--April 21, 1997--A class action lawsuit 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 captioned "Jean Mullin v. Sears, Roebuck & Co., et al.," Civil Action No. C 97 2717 was filed in Chicago in the United States District Court for the Northern District of Illinois The United States District Court for the Northern District of Illinois is the Federal district court whose jurisdiction comprises the following counties, divided into two divisions: , Eastern Division (the "Court") on behalf of a Class (the "Class"), consisting of purchasers of the common stock of Sears, Roebuck & Co. ("Sears") during the period Jan. 30, 1997 through April 10, 1997 inclusive (the "Class Period"). We anticipate that the Class Period will be expanded to include such purchasers from April 16, 1994 through April 10, 1997. The complaint alleges that Sears and three of its senior officers, James A. Blanda, Alan J. Lacy Alan J. Lacy is the former Chairman and CEO of Sears, Roebuck and Company. Lacy joined Sears in 1994 and served in a number of senior positions, including Chief Financial Officer, President-Credit and President-Services before being named CEO in 2000. and Arthur Martinez, in violation of the federal securities laws, materially misled mis·led v. Past tense and past participle of mislead. investors throughout the Class Period by failing to disclose a business practice which violated vi·o·late tr.v. vi·o·lat·ed, vi·o·lat·ing, vi·o·lates 1. To break or disregard (a law or promise, for example). 2. To assault (a person) sexually. 3. the federal bankruptcy bankruptcy, in law, settlement of the liabilities of a person or organization wholly or partially unable to meet financial obligations. The purposes are to distribute, through a court-appointed receiver, the bankrupt's assets equitably among creditors and, in most laws. At the close of the Class Period, it was announced that Sears was going to repay upwards of $412 million to Chapter 7 bankruptcy debtors nationwide whose "debt reaffirmations" were obtained illegally by Sears. If you are a member of the Class described above, you may, no later than 60 days from today, move the court to serve as lead plaintiff of the Class, if you so choose. In order to serve as lead plaintiff, however, you must meet certain legal requirements. Plaintiffs are represented by Savett Frutkin Podell & Ryan, P.C. which has significant experience and expertise in prosecuting class actions on behalf of investors and shareholders. If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Stuart H. Savett, Robert P. Frutkin or Katharine M. Ryan of Savett Frutkin Podell & Ryan, P.C., 320 Walnut walnut, common name for some members of the Juglandaceae, a family of chiefly deciduous, resinous trees characterized by large and aromatic compound leaves. Species of the walnut family are indigenous mostly to the north temperate zone, but also range from Central St., Suite 508, Philadelphia, PA 19106, 800/993-3233. CONTACT: Savett Frutkin Podell & Ryan, P.C. Stuart H. Savett, Robert P. Frutkin or Katharine M. Ryan, 800/993-3233 |
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