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UPDATE 1-Children's Place to pay $12 mln to settle lawsuit

Fri Jun 26, 2009 6:09pm EDT

Stocks

   

* Says suit had alleged misrepresentation of facts

* Co denies all allegations

June 26 (Reuters) - Children's Place Retail Stores Inc (PLCE.O) said it would pay $12 million to settle a class action suit that alleged its officers of misrepresenting facts about operations that caused the company's stock to artificially inflate.

The company said it denied all allegations made in the suit and decided to settle the suit to eliminate further litigation and related expenses.

The children's clothing retailer said the cost of the settlement would be covered by insurance. (Reporting by Vidya Lakshmi in Bangalore; Editing by Gopakumar Warrier)



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