American Apparel dips on weekend WSJ story
American Apparel Inc. (AMEX:APP) shares are down more than 8% after a weekend story in the Wall Street Journal mentioned accounting weaknesses and $117 million in debt. The Journal story also noted that 15 pages of risk factors in the Jackson, Wyo.-based clothing maker and retailer’s 10K seemed exceptionally long. In a Monday morning note to investors, Lazard Capital Markets reiterated its “Buy” rating on American Apparel’s stock with a price target of $17. The investment bank said the Wall Street Journal story “shed no new light.”
In Monday midday trading, APP shares are down 8.55%, or $0.71, at $7.59. For detailed price information and recent news stories about American Apparel, click APP.
