JWL Whitehall Jewel

Cauley Geller Announces Class Action Lawsuit Against Whitehall Jewellers, Inc. On Behalf of Investors NEW YORK, Feb. 18 /PRNewswire/ -- The Law Firm of Cauley Geller Bowman & Rudman, LLP announced today that a class action lawsuit has been filed in the United States District Court for the Northern District of Illinois on behalf of purchasers of Whitehall Jewellers, Inc. ("Whitehall" or the "Company") common stock during the period between November 19, 2001 and December 10, 2003, inclusive (the "Class Period"). A copy of the complaint filed in this action is available from the Court, or can be viewed on the firm's website at http://www.cauleygeller.com/show_case.asp?ccode=247&pcode=10&pp=4 . The complaint charges Whitehall, Hugh M. Patinkin, Manny A. Brown, Matthew M. Patinkin, Jon H. Browne, and John R. Desjardins with violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder. More specifically, the complaint alleges that, throughout the Class Period, defendants issued numerous statements to the market concerning the Company's financial results, which failed to disclose and/or misrepresented the following adverse facts, among others: (1) that defendants had improperly and untimely recognized revenue on certain of the Company's customer transactions; (2) that the Company's inventory was materially overstated; (3) that defendants violated Generally Accepted Accounting Principles ("GAAP") and the Company's own internal policies regarding the timing of revenue recognition; and (4) as a result of the foregoing, the Company's revenues, net income and earnings per share published during the Class Period were materially false and misleading. On November 6, 2003, Whitehall announced it had received a subpoena from the U.S. Securities and Exchange Commission as part of a formal investigation into a complaint that Whitehall aided a former supplier in an accounting fraud. On December 11, 2003, Whitehall announced that it had fired its Chief Financial Officer and would delay reporting results for its fiscal third quarter, and later that month that Whitehall would be restating its financial statements for fiscal 2000, 2001 and 2002, including the 2002 quarters then ended, and the first two quarters ended July 31, 2003. On news of this, shares of Whitehall fell 7.6%, or $0.75 per share, to close at $9.04 per share on December 11, 2003. If you bought Whitehall common stock between November 19, 2001 and December 10, 2003, inclusive,and you wish to serve as lead plaintiff, you must move the Court no later than April 12, 2004. If you are a member of this class, you can join this class action online at http://www.cauleygeller.com/template8.asp?pcode=6&pp=1 . Any member of the purported class may move the Court to serve as lead plaintiff through Cauley Geller or other counsel of their choice, or may choose to do nothing and remain an absent class member. Cauley Geller is a national law firm that represents investors and consumers in class action and corporate governance litigation. It is one of the country's premiere firms in the area of securities fraud, with in-house finance and forensic accounting specialists and extensive trial experience. Since its founding, Cauley Geller has recovered in excess of two billion dollars on behalf of aggrieved shareholders. The firm maintains offices in Boca Raton, Little Rock and New York. If you have any questions about how you may be able to recover for your losses, or if you would like to consider serving as one of the lead plaintiffs in this lawsuit, you are encouraged to call or e-mail the Firm or visit the Firm's website at http://www.cauleygeller.com/ . Contact: CAULEY GELLER BOWMAN & RUDMAN, LLP Samuel H. Rudman, Esq. or David A. Rosenfeld, Esq. Client Relations Department: Chandra West, Jackie Addison or Heather Gann P.O. Box 25438 Little Rock, AR 72221-5438 Toll Free: 1-888-551-9944 Fax: 1-501-312-8505 E-mail: DATASOURCE: Cauley Geller Bowman & Rudman, LLP CONTACT: Samuel H. Rudman, Esq. or David A. Rosenfeld, Esq., both of Cauley Geller Bowman & Rudman, LLP, +1-631-367-7100 Web site: http://www.cauleygeller.com/ http://www.cauleygeller.com/show_case.asp?ccode=247&pcode=10&pp=4 http://www.cauleygeller.com/template8.asp?pcode=6&pp=1

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