Business Services Industry
Stockholders Sue Troy, Mich., Auto Supplier.
Knight Ridder/Tribune Business News, March, 2003
By Jeffrey McCracken, Detroit Free Press Knight Ridder/Tribune Business News
Mar. 27--Two East Coast law firms have filed shareholder lawsuits against Collins & Aikman Corp., accusing the Troy-based maker of auto fabrics and plastics of misleading investors.
Collins & Aikman has struggled to make money in recent years, recently ousted some of its top executives and has seen its stock fall by 77 percent in the last year. It closed Wednesday at $4.31 per share.
Chief Financial Officer Mike Stepp called the suits "without merit" and said the company "doesn't expect either one would have any material impact."
One law firm filing suit was Milberg Weiss Bershad Hynes & Lerach, a national firm that specializes in filing shareholder...
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