SOURCE: Brower Piven, A Professional Corporation

September 11, 2009 17:04 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $200,000 From Investment in Fleetwood Enterprises, Inc. to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the November 2, 2009 Lead Plaintiff Deadline

BALTIMORE, MD--(Marketwire - September 11, 2009) - Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Central District of California on behalf of purchasers of the common stock of Fleetwood Enterprises, Inc. ("Fleetwood" or the "Company") (NYSE: FLE) during the period between December 6, 2007 and March 10, 2009, inclusive (the "Class Period").

No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than November 2, 2009 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff. You may contact Brower Piven (through hoffman@browerpiven.com or 410/986-0036) to answer any questions you may have in that regard.

The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period that demand for Fleetwood's manufactured houses and the big homes-on-wheels was rapidly declining from softening consumer demand due to high gasoline prices and the credit crisis, and that the resulting adverse effect on the Company's liquidity such that the Company was nearing insolvency and would have to file for bankruptcy protection and such that defendants had no reasonable basis for their positive statements regarding the Company's ability to control its deteriorating financial condition. According to the complaint, after the Company announced on March 10, 2009, that it had filed bankruptcy for itself and certain operating subsidiaries and that it was closing its travel trailer division, the value of Fleetwood's stock declined significantly.

If you have suffered a net loss for all transactions in Fleetwood Enterprises, Inc. common stock during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410-986-0036, or at Brower Piven, A Professional Corporation, The World Trade Center-Baltimore, 401 East Pratt Street, Suite 2525, Baltimore, Maryland 21202. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 40 years. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

Contact Information

  • CONTACT:
    Charles J. Piven
    Brower Piven, A Professional Corporation
    Baltimore, Maryland
    410/986-0036
    Email Contact