Two lawsuits brought against Zumiez by shareholders have been dismissed according to a story in the Puget Sound Business Journal.
The Everett retailer of youth clothing (NASDAQ: ZUMZ) said one suit was dismissed with prejudice by the U.S. District Court for the Western District of Washington. The suit claimed that Zumiez and its officials made materially false or misleading statements during March 14, 2007, to Jan. 4, 2008, and engaged in insider trading. . . Zumiez added that a related shareholder action that was filed in Snohomish County was also voluntarily dismissed.
But that wasn’t enough to keep UBS from downgrading the company from neutral to sell.
[Link: Puget Sound Business Journal]
