German fashion powerhouse Hugo Boss AG announced today that a US court has dismissed a lawsuit by shareholders alleging that the company overstated its revenues from November 5, 2001 to May 28, 2002.

Hugo Boss’ US chief, Marty Staff, and his deputy Vincent Ottomanelli left the company in May 2002 after it was revealed that accounting discrepancies had resulted in missing inventory worth 6 million euros.

A reason for the suit’s dismissal was not revealed.

Hugo Boss, still fighting slow suit sales in the sluggish economy, saw little impact of the news on its share price. Shares were down 0.87%, at 12.51 euros.

(From Reuters)