Shareholder Suits Filed Against Friedman’s

No fewer than 15 law firms have filed class-action suits on behalf of shareholders who have owned Friedman's Inc. stock during the past three years. All the suits allege that Friedman's violated generally accepted accounting principles by improperly understating the allowance for doubtful accounts for credit program receivables. This had the effect of materially overstating revenue and income, the lawsuits allege. The majority of the lawsuits have been filed in Federal Court in the Northern District of Georgia, but some suits have been filed in Georgia's Southern District and in the Southern District of New York. Several of the lawsuits also name Friedman's officials Victor M. Suglia, chief financial officer, who was placed on leave of absence; Bradley J. Stinn, the former chief executive officer, who resigned Dec. 2; Sterling Brinkley, chairman; and Douglas Anderson, president and c
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