Guess?, Inc. Announces Dismissal Without Settlement of All Pending Shareholder Litigation
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Guess?, Inc. Announces Dismissal Without Settlement of All Pending Shareholder Litigation
LOS ANGELES, Apr 5, 2002 (BUSINESS WIRE) -- Guess?, Inc. (NYSE:GES) today announced that all pending class action and derivative shareholder lawsuits against the Company and certain of its officers and directors have been dismissed, without settlement.

Goldman v. Isaacs, a shareholder derivative action filed in Delaware state court, was dismissed without prejudice in February 2002. In re Guess?, Inc. Securities Litigation, a federal class action case which resulted from the consolidation of several other class action cases, was dismissed without prejudice earlier this month. Finally, the plaintiff in Bell v. Marciano, a derivative action filed in federal district court in Los Angeles, has been voluntarily dismissed by stipulation and order by the court dated March 28, 2002. The Company is not aware of any other shareholder litigation pending against it.

Guess?, Inc. designs, markets, distributes and licenses one of the world's leading lifestyle collections of contemporary apparel, accessories and related consumer products.

Except for historical information contained herein, certain matters discussed in this press release including but not limited to the Company's expected results of operations and plans to reduce costs and estimated charges, are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are only expectations, and involve known and unknown risks and uncertainties, which may cause actual results in future periods and other future events to differ materially from what is currently anticipated. Factors which may cause actual results in future periods to differ from current expectations include, among other things, the continued availability of sufficient working capital, the successful integration of new stores into existing operations, the continued desirability and customer acceptance of existing and future product lines, possible cancellations of wholesale orders, the success of competitive products, the success of the Company's programs to strengthen its inventory cost accounting controls and procedures, and the availability of adequate sources of capital. In addition to these factors, the economic and other factors identified in the Company's most recent annual report on Form 10-K for the fiscal year ended December 31, 2001, including but not limited to the risk factors discussed therein, could affect the forward-looking statements contained herein and in the Company's other public documents.

CONTACT:          Guess?, Inc.
                  Carlos Alberini, 213/765-3582
                  Frederick G. Silny, 213/765-3289
                  Kekst and Company
                  Wendi Kopsick / Molly Morse

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