Jan. 22, 2013
-- An investigation on behalf of investors of Stein Mart, Inc. shares over potential securities laws violations by Stein Mart, Inc. and certain of its directors and officers in connection certain financial statements was announced.
If you purchased shares of Stein Mart, Inc. , you have certain options and you should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Stein Mart, Inc. concerning whether a series of statements by Stein Mart, Inc. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
Stein Mart, Inc. reported that its Total Revenue declined from over $1.18 billion for the 52 weeks period that ended on Jan. 31, 2011 to over $1.16 billion for the 52 weeks period that ended on Jan. 28, 2012 and that its Net Income for the respective time periods fell from $48.75 million to $19.83 million.
Then on November 6, 2012, Stein Mart, Inc. announced that it had determined that its earnings release that was scheduled to be issued on November 15, 2012 will be delayed. Then on November 9, 2012, Stein Mart, Inc announced that on November 6, 2012, the Board of Directors of Stein Mart, Inc., based on the recommendation of the Audit Committee and in consultation with management, concluded that because of errors identified in the Company’s previously issued financial statements the Company will restate its previously issued financial statements for fiscal years 2009, 2010 and 2011, its quarterly data for the first quarter of 2012 and for all quarters in 2010 and 2011, as well as its selected financial data for the relevant periods.
Shares of Stein Mart, Inc. declined to as low as $6.75 per share on November 12, 2012.
Those who purchased shares of Stein Mart, Inc. have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.