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Former top execs at Fruit of the Loom hit with more lawsuits

guyvneurr

Former top execs at Fruit of the Loom hit with more lawsuits

As in the first lawsuit, the latest two argue the huge losses were owed to Fruit of the Looms poor operations, a $60 million write off of over valued and non existent Jerricho Cotchery Panthers Jersey inventory, a $20 million loss on cotton futures contracts, and a $10 million charge for a loss on a supply contract from a previously sold facility. The true serious, severe and continuing nature of Fruits problems was concealed and covered up by Farley and Newton throughout (19)98 and much of (19)99 by lying to investors and the financial community and by failing to record and recognize in a timely fashion extraordinary charge offs and inventory write offs, thus falsifying Fruits publicly reported financial results to make its problems appear much less severe than they really were, according to the lawsuit. Plaintiffs in the lawsuits which present only one side of a case could include anyone who bought or held stock between Wes Horton Jersey Sept. 28, 1998, and Nov. District Court in Bowling Green. Fruit of the Loom is based in Chicago but its national headquarters are here.

 

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guyvneurr.guyvneurr
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