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Stock Market & Financial Investment News

News Breaks
May 27, 2014
17:37 EDTANFAbercrombie & Fitch to pay additional assistant managers $96K in overtime wages
Klafter Olsen & Lesser LLP; Kellogg, Huber, Hansen, Todd, Evans, & Figel, P.L.L.C.; and Berger Attorney, P.C. announce that Abercrombie & Fitch Co. and Abercrombie & Fitch Stores, Inc., have offered to pay $96,110.04 to thirteen Assistant Managers for failing to pay proper overtime wages, in connection with a lawsuit filed in the Eastern District of New York, Hepler, et al. v. Abercrombie & Fitch Co., et al., 13 Civ. 2815. This is in addition to prior offers from Abercrombie & Fitch to pay other Assistant Managers who had joined the lawsuit. Abercrombie agreed to pay the Assistant Manager's attorney's fees and court costs to be determined by the Court. The claims arose under the Fair Labor Standards Act and asserted that Abercrombie violated the FLSA by failing to pay Assistant Managers all wages due and owing to them for working more than 40 hours a week. Abercrombie did not pay overtime to the Assistant Manager at time and one-half, and Plaintiffs alleged that its practice violated the law. Abercrombie claimed that the amounts offered to the Assistant Managers include all overtime wages owed plus liquidated damages, and interest. The full number of Abercrombie Assistant Managers who were subject to Abercrombie's pay practice is not known. Assistant Managers are continuing to join the lawsuit.
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March 27, 2015
05:52 EDTANFAmerican Eagle downgraded to Sell from Neutral at Goldman
Goldman Sachs downgraded American Eagle (AEO) to Sell saying it sees 29% downside risk over the next six months. Goldman believes declining mall traffic and "aggressive competition" from low cost stores puts the retailer in a multi-year period of diminishing productivity, margins, and returns. Its six-month price target for American Eagle is $12. Shares of the retailer closed yesterday up 17c to $16.92. Goldman lists Ann Inc. (ANN), Abercrombie & Fitch (ANF) and American Eagle as its top sell ideas in the Specialty Apparel space. Its lone Buy rated name in the group is Urban Outfitters (URBN).
March 24, 2015
10:20 EDTANFAbercrombie & Fitch sees ongoing expense reduction as way of life going forward
10:16 EDTANFAbercrombie & Fitch sees 'sigificant' FX headwinds in 2015
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07:27 EDTANFTelsey Advisory to hold a conference
2015 Consumer Conference is being held in New York on March 24-25.

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