SOURCE: Izard Nobel LLP

September 08, 2009 15:20 ET

Izard Nobel LLP Announces Class Action Lawsuit Against Former Executives of Fleetwood Enterprises, Inc.

WEST HARTFORD, CT--(Marketwire - September 8, 2009) - The law firm of Izard Nobel LLP, which has significant experience representing investors in prosecuting claims of securities fraud, announces that a lawsuit seeking class action status has been filed in the United States District Court for the Central District of California on behalf of those who purchased the common stock of Fleetwood Enterprises, Inc. ("Fleetwood" or the "Company") (NASDAQ: FLE) between December 6, 2007 and March 10, 2009, inclusive (the "Class Period").

The Complaint charges certain of Fleetwood's former executives violated federal securities laws. Fleetwood is not named in this action as a defendant because it and its core operating subsidiaries filed for bankruptcy protection in March 2009. The complaint alleges that defendants failed to disclose the following adverse facts: (i) that demand for Fleetwood's manufactured houses and the big homes-on-wheels was rapidly declining, and was adversely affecting the Company's liquidity; (ii) 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; (iii) that the Company's financial condition was declining precipitously such that the Company was nearing insolvency and would have to file for bankruptcy protection; and (iv) based on the foregoing, defendants had no reasonable basis for their positive statements regarding the Company's ability to control its deteriorating financial condition.

If you are a member of the class, you may, no later than November 2, 2009, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.

While Izard Nobel LLP has not filed a lawsuit against the defendants, to view a copy of the Complaint initiating the class action or for more information about the case, and your rights, visit: www.izardnobel.com/fleetwood/, or contact Izard Nobel LLP toll-free: (800) 797-5499, or by e-mail: firm@izardnobel.com. For more information about class action cases in general, please visit our website: www.izardnobel.com.

Contact Information