SOURCE: Kendall Law Group

Kendall Law Group

September 02, 2009 13:19 ET

Kendall Law Group Announces Securities Class Action Against Former Executives of Fleetwood Enterprises, Inc.

DALLAS, TX--(Marketwire - September 2, 2009) - Kendall Law Group announced today that a lawsuit has been filed against former executives of Fleetwood Enterprises, Inc. (NYSE: FLE) for securities violations related to public statements made by the company between December 6, 2007 and March 10, 2009.

Any shareholder, who purchased Fleetwood stock during the above time period, may move the Court to serve as a plaintiff in this class action. If you wish to serve as lead plaintiff, you must move the Court for appointment by November 1, 2009. A lead plaintiff is a class member who acts on behalf of other class members in directing the litigation. If you wish to learn more about your rights as a shareholder or serving as a plaintiff, contact attorney Hamilton Lindley at 877-744-3728 or hlindley@kendalllawgroup.com.

The complaint, filed in the Central District of California, charges certain former executives of Fleetwood with violations of the federal securities laws concerning a series of false and misleading statements concerning the rapid decline in demand for manufactured houses and big homes-on-wheels, adversely affecting the Company's liquidity. Fleetwood produces and distributes manufactured housing in the United States and Canada. Fleetwood is not named in this action because it filed for bankruptcy protection in March 2009. The Company's RV Group sales were declining because of softening consumer demand and high gasoline prices. Due to the financial condition with Fleetwood nearing insolvency and petitioning for bankruptcy protection, Defendants had no reasonable basis for their positive statements regarding their ability to control its financial condition.

On March 10, 2009, Fleetwood issued a press release announcing that it had filed voluntary Chapter 11 petitions for itself and certain subsidiaries and that it was closing its travel trailer division. As a result of this announcement, the price of Fleetwood common stock fell to $0.0103 per share.

Although every case is different, Kendall Law Group has participated in the recovery of over $800 million for defrauded shareholders. Led by a former federal judge and former U.S. Attorney, the firm has the credentials to pursue any type of complex securities litigation in the nation. If you wish to learn more about your rights as a shareholder or serving as a lead plaintiff, contact attorney Hamilton Lindley at 877-744-3728 or hlindley@kendalllawgroup.com.

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