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NO SMILEY HAPPY FACES HERE? THE NORTH FACE IN TURMOIL
Published March 12, 1999
NASDAQ "halted trading of shares" of The North Face on Thursday as "shareholder lawsuits mounted against" the CO sporting goods company, according to Dina Bunn of the ROCKY MOUNTAIN NEWS. Groups of shareholders filed "five separate class-action suits against" The North Face following the company's announcement that it is "auditing its accounting procedure and expects to restate its financial reports" for '97 and '98. The complaints allege The North Face executives reported "false financial results and exaggerated sales increases, which led to inflated stock prices." Shares of The North Face are down 52% from a high of $27 on March 11 of last year. The stock closed at $13 on Thursday when trading stopped (ROCKY MOUNTAIN NEWS, 3/12). IN FOCUS: The North Face is the subject of the WALL STREET JOURNAL's "Corporate Focus" and Coleman & Berner write, "Just because urban kids are falling in love with a brand of apparel doesn't mean investors should" (WSJ, 3/12).