JOSB Jos. A. Bank Clothiers, Inc. (MM)

RADNOR, Pa., Aug. 3 /PRNewswire/ -- The following statement was issued today by the law firm of Schiffrin & Barroway, LLP: Notice is hereby given that a class action lawsuit was filed in the United States District Court for the District of Maryland, Greenbelt Division on behalf of all securities purchasers of Jos. A. Bank Clothiers, Inc. (NASDAQ:JOSB) ("Jos. A. Bank" or the "Company") from January 5, 2006 to June 7, 2006, inclusive (the "Class Period"). If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Schiffrin & Barroway, LLP (Darren J. Check, Esq. or Richard A. Maniskas, Esq.) toll-free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at . The Complaint charges Jos. A. Bank and certain of its officers and directors with violations of the Securities Exchange Act of 1934. More specifically, the Complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) that the Company knew that demand for its merchandise was weak; (2) that, despite knowing this fact, the Company overinvested in fall clothing inventory, which defendants knew would result in a carry-over of high inventory into the first quarter of 2006; (3) that, due to the excessive inventory, the Company adopted extremely aggressive promotional pricing in February and March 2006, a significant departure from the Company's prior after-season practices; (4) that, as a result of the aggressive promotional pricing, the Company's gross profit margins and profits were considerably reduced in February and March 2006; and (5) that, as a result of the foregoing, the Company's statements regarding the Company's financial results were lacking in any reasonable basis when made. On June 8, 2006, Jos. A. Bank shocked investors when the Company announced that net income had fallen 13 percent in the first quarter of 2006, ended April 29, 2006. During the Company's earnings conference call, defendants announced that, in contrast to the Company's prior announcements regarding strong gains in sales and inventory controls, the Company's net income had fallen as a result of the Company's aggressive mark-downs of fall clothing inventory. On this news, shares of the Company's stock dropped $10.70, or 28.9 percent, to close, on June 8, 2006, at $26.40 per share. Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Schiffrin & Barroway, which prosecutes class actions in both state and federal courts throughout the country. Schiffrin & Barroway is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. For more information about Schiffrin & Barroway, or to sign up to participate in this action online, please visit http://www.sbclasslaw.com/. If you are a member of the class described above, you may, not later than September 25, 2006, move the Court to serve as lead plaintiff of the class, if you so choose. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Schiffrin & Barroway, or other counsel of your choice, to serve as your counsel in this action. CONTACT: Schiffrin & Barroway, LLP Darren J. Check, Esq. Richard A. Maniskas, Esq. 280 King of Prussia Road Radnor, PA 19087 1-888-299-7706 (toll-free) or 1-610-667-7706 Or by e-mail at DATASOURCE: Schiffrin & Barroway, LLP CONTACT: Darren J. Check, Esq. or Richard A. Maniskas, Esq., both of Schiffrin & Barroway, LLP, +1-888-299-7706, or +1-610-667-7706, or Web site: http://www.sbclasslaw.com/

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