SOURCE: Levi & Korsinsky, LLP

September 16, 2009 17:53 ET

Levi & Korsinsky, LLP Announces Class Action Lawsuit Against Fleetwood Enterprises, Inc. - FLE

NEW YORK, NY--(Marketwire - September 16, 2009) - Levi & Korsinsky announces that a class action lawsuit has been filed 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) between December 6, 2007 and March 10, 2009, inclusive (the "Class Period").

The complaint alleges that Fleetwood and certain of its officers and directors violated the Securities Exchange Act of 1934 by failing to disclose during the Class Period that demand for Fleetwood's manufactured houses and the big homes-on-wheels was rapidly declining, which was adversely affecting the Company's liquidity, and that the Company's financial condition was declining precipitously such that the Company was nearing insolvency and would have to file for bankruptcy protection. On March 10, 2009, Fleetwood issued a press release announcing that it had filed voluntary Chapter 11 petition in the U.S. Bankruptcy Court for the Central District of California. As a result, Fleetwood common stock fell to $0.0103 per share on March 10, 2009.

If you purchased Fleetwood common stock during the Class Period and wish to serve as lead plaintiff, you must move the court by November 2, 2009. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. You do not need to seek appointment as a lead plaintiff in order to share in any recovery.

If you wish to obtain additional information, please contact us at the number listed below or visit http://www.zlk.com/fle1.html.

Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation.

Contact Information

  • CONTACT:
    Levi & Korsinsky, LLP
    Joseph Levi, Esq.
    Eduard Korsinsky, Esq.
    30 Broad Street - 15th Floor
    New York, NY 10004
    Tel: (212) 363-7500
    Fax: (212) 363-7171
    www.zlk.com