Fruit of the Loom Inc.

Two class action lawsuits were filed against the clothing company claiming the former top officeholders lied to analysts to boost company stock, causing purchases to be made at inflated prices. People and pension plan agencies that purchased stocks between July 24, 1996 and September 5, 1997 will be awarded a $23.2 million class action settlement. Another $19.1 million will be paid to those who bought stocks from September 28, 1998 through November 4, 1999. Fruit of the Loom filed for Chapter 11 bankruptcy protection in 1999 shortly after posting a net loss of $576.2 million. Its 66 million shares of outstanding common stock dropped in value from $44 per share in early 1997 to just more than $1 by the spring of 2000. (Mar-21-06) [CENTRE DAILY]