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Investor Alert: Lawsuit against Movado Group, Inc (NYSE:MOV) alleges Securities Laws Violations

The Shareholders Foundation announces that an investor, who purchased shares of Movado Group, Inc (NYSE:MOV), filed a lawsuit in the U.S. District Court for the District of New Jersey over alleged violations of Federal Securities Laws by Movado Group in connection with certain allegedly false and misleading statements made between March 26, 2014 and November 13, 2014.

Investors who purchased shares of Movado Group, Inc (NYSE:MOV) have certain options and for certain investors are short and strict deadlines running. Deadline: April 6, 2015. NYSE:MOV investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.

According to the complaint the plaintiff alleges on behalf of purchasers of Movado Group, Inc (NYSE:MOV) common shares between March 26, 2014 and November 13, 2014, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between March 26, 2014 and November 13, 2014 defendants issued allegedly materially false and misleading statements touting the purportedly attractive business prospects and strong growth expected for the Movado Group’s flagship Movado brand as well as its portfolio of licensed brands, which includes Lacoste and Scuderia Ferrari watches.

In addition, the plaintiff alleges that between March 26, 2014 and November 13, 2014 defendants also materially misled investors regarding their initiative to boost the Movado brand by cannibalizing one of Movado Group’s other brand’s shelf space at various retailers.

The plaintiff says that as a result of defendants’ allegedly materially false and misleading statements and omissions, Movado Group, Inc common stock traded at artificially inflated prices between March 26, 2014 and November 13, 2014, reaching a high of $46.39 per share and allowing Movado Group’s Chairman and CEO to sell over $8.6 million worth of his Movado Group, Inc (NYSE:MOV) shares at allegedly artificially inflated prices.

On March 26, 2014, Movado Group, Inc announced its fourth quarter and fiscal year 2014 results for the period ended January 31, 2014. Movado Group, Inc reported that its Total Revenue rose from $505.48 million for the 12 months period that ended on January 31, 2013 to $570.25 million for the 12 months period that ended on Janaury 31, 2014. Movado Group, Inc also issued its Fiscal 2015 guidance. Movado Group, Inc said it anticipated that net sales will increase approximately 10.7% to $640 million and that net income in fiscal 2015 to increase to approximately $63.5 million.

Shares of Movado Group, Inc (NYSE:MOV) grew to as high as $46.39 per share on March 28, 2014.

On May 22, 2014, Movado Group, Inc announced its first quarter results for the period ended April 30, 2014. Movado Group, Inc said that Net sales increased 9.9% to $120.9 million compared to $110.0 million in the first quarter of fiscal 2014 driven primarily by growth in the licensed brand category. Among other things Movado Group, Inc reiterated its previously announced guidance for its fiscal 2015.

On August 26, 2014, Movado Group, Inc announced its second quarter and six month results for the period ended July 31, 2014. Movado Group, Inc said that Net sales increased 3.8% to $143.6 million compared to $138.3 million in the second quarter of fiscal 2014 driven by growth in the Movado brand and the licensed brand and retail categories. Among other things, Movado Group, Inc again reiterated its previously announced guidance for fiscal 2015.

On November 14, 2014, Movado Group, Inc announced its preliminary third quarter sales, operating profit and earnings per share, and provided an updated outlook for its fiscal year ending January 31, 2015. Movado Group, Inc said that it expected Net sales of $188.6 million compared to $189.7 million in the third quarter of fiscal 2014. Among other things, Movado Group, Inc adjusted its fiscal 2015 outlook and said it now anticipated that net sales will be in the ragne between $585 million to $590 million. Then on November 25, 2014, Movado Group, Inc announced its third quarter results for the period ended October 31, 2014. Movado Group, Inc said that its Net sales decreased 0.6% to $188.6 million compared to $189.7 million in the third quarter of fiscal 2014 driven by a decline in the luxury brand category and certain licensed brands. Movado Group, Inc also said that it now anticipated net sales in a range of $585 million to $590 million for its fiscal 2015.

Shares of Movado Group, Inc (NYSE:MOV) declined to as low as $25.10 per share on November 20, 2014 and continued to decline to as low as $22.66 per share on January 15, 2015.

On February 13, 2015, NYSE:MOV shares closed at $25.26 per share.

Those who purchased shares of Movado Group, Inc (NYSE:MOV) have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com

John:
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