Notice of Filing Securities Class Action Against Friedman's, Inc. NEW YORK, Nov. 17 /PRNewswire/ -- Wolf Popper LLP has filed a securities class action in the United States District Court for the Northern District of Georgia, styled Miller v. Friedman's et al., against Friedman's, Inc. and certain of its officers. The lawsuit was filed on behalf of all persons and entities who purchased the securities of Friedman's from January 24, 2001 to November 11, 2003 (the "Class" and the "Class Period," respectively). Friedman's, one of the largest jewelry retailers in the United States with over 700 stores, primarily in strip malls, has consistently attributed over 50% of its annual sales to retail customers who finance their purchases through the Company's proprietary credit program, a program which offers easy payment terms and instant credit approval to predominantly high credit risk customers. The Complaint charges that defendants violated the federal securities laws by issuing materially false and misleading statements throughout the Class Period concerning the Company's revenue and income. Specifically, defendants violated generally accepted accounting principles and the Company's stated guidelines by improperly understating the Company's allowance for doubtful accounts with respect to its credit program receivables and by failing to properly and timely write off uncollectible credit account receivables, which had the effect of materially overstating the Company's revenues and income. On November 11, 2003, weeks after the Company sold 3.1 millions shares of its common stock to the unsuspecting public at $15.00 per share, Friedman's shocked investors when it announced that as a result of Department of Justice and SEC investigations, it placed its Chief Financial Officer on an extended leave of absence, that its allowance for doubtful accounts was materially understated, and further, suggested that its previously reported financial statements dating back to January 1, 2000 may have to be restated. In immediate response to the foregoing disclosure, the Company's common stock plummeted 39% to $7.31 per share. Class members who desire to be appointed lead plaintiff in this action must file a motion with the court no later than January 13, 2004. If you purchased the securities of Friedman's during the Class Period and would like to discuss this lawsuit, you may contact: Michael A. Schwartz, Esq. Mark Marino, Esq. Wolf Popper LLP 845 Third Avenue New York, NY 10022 Telephone: 212.759.4600 or toll free 877.370.7704 E-mail: Website: http://www.wolfpopper.com/ DATASOURCE: Wolf Popper LLP CONTACT: Michael A. Schwartz, Esq., or Mark Marino, Esq., both of Wolf Popper LLP, +1-212-759-4600, or toll free - 1-877-370-7704, Web site: http://www.wolfpopper.com/

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