Hugo Boss Case Dismissed

A class-action suit accusing Hugo Boss AG and its two former top U.S. managers of misleading investors about its finances has been dismissed.

The lawsuit was filed in July 2002 on behalf of investors who bought stock in the Germany-based fashion house between Nov. 5, 2001, and May 28, 2002. The suit followed the disclosure of accounting irregularities at the company's U.S. division, which led to the dismissal of Marty Staff, chief executive of the U.S. business, and Vincent Ottomanelli, chief financial officer.

Boss took a $6 million charge last year because of the inventory discrepancies. Net income for 2002 dropped 30.6%, to $81.4 million, while sales were essentially unchanged, at $1.2 billion