Everett, Wash. Zumiez announced that shareholder litigation involving the company and its officers and directors has been dismissed.
The United States District Court for the Western District of Washington dismissed securities class action brought against Zumiez and three of its officers and directors. The action was purportedly commenced on behalf of all individuals who purchased Zumiez stock from March 14, 2007 to January 4, 2008, and alleged that Zumiez and certain individuals made materially false or misleading statements during the proposed class period and engaged in insider trading.
The defendants moved to dismiss all claims in October 2008.
The Court issued its ruling on March 30 without oral argument, dismissing the case with prejudice. Following this ruling, a related shareholder derivative action, which was filed in the Superior Court for the State of Washington, Snohomish County, was voluntarily dismissed.