SOURCE: Dyer & Berens LLP

September 04, 2009 18:08 ET

Dyer & Berens LLP Files Class Action Lawsuit on Behalf of Investors Who Purchased Fleetwood Enterprises, Inc. Common Stock Between 12/6/07 and 3/10/09; Announces Upcoming Investor Deadline -- FLE

DENVER, CO--(Marketwire - September 4, 2009) - Dyer & Berens LLP (www.DyerBerens.com) today announced that it has filed a class action lawsuit in the United States District Court for the Central District of California on behalf of investors who purchased Fleetwood Enterprises, Inc. ("Fleetwood" or the "Company") (NYSE: FLE) (PINKSHEETS: FLTWQ) common stock between December 6, 2007 and March 10, 2009, inclusive (the "Class Period"). The complaint charges certain of Fleetwood's former officers and directors with violations of the Federal Securities Exchange Act of 1934.

If you wish to serve as a lead plaintiff, you must move the court no later than November 2, 2009. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, Jeffrey A. Berens, Esq. at (888) 300-3362, (303) 861-1764, or via email at jeff@dyerberens.com. Any member of the putative class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

The complaint alleges that during the Class Period defendants misrepresented the following adverse facts, among others: (a) that demand for Fleetwood's manufactured houses and the big homes-on-wheels was rapidly declining; (b) that the Company's RV Group sales, especially in its travel trailer division, were declining because of softening consumer demand due to high gasoline prices and the credit crisis; (c) that the Company's financial condition was declining precipitously such that the Company was nearing insolvency; and (d) based on the foregoing, defendants had no reasonable basis for their positive statements regarding the Company's ability to control its deteriorating financial condition.

On March 10, 2009, Fleetwood announced that it had filed for Chapter 11 bankruptcy for itself and certain operating subsidiaries, and that it was closing its travel trailer division. As a result of the announcement, the price of Fleetwood common stock fell to $0.01 per share.

Plaintiff seeks to recover damages on behalf of Fleetwood investors. The plaintiff is represented by Dyer & Berens LLP, which has expertise in prosecuting investor class actions involving financial fraud. The firm's extensive experience in securities litigation, particularly in cases brought under the Private Securities Litigation Reform Act, has contributed to the recovery of hundreds of millions of dollars for aggrieved investors. For more information about the firm, please go to www.DyerBerens.com.

Contact Information

  • Contact:

    Jeffrey A. Berens
    Dyer & Berens LLP
    682 Grant Street
    Denver, CO 80203
    Tel: (888) 300-3362 or (303) 861-1764
    Email: Email Contact