Seattle's Cutter & Buck Inc. said yesterday that it is being investigated by the federal Securities and Exchange Commission after the maker of golf clothing and other sportswear announced plans to restate two years of financial results.

Cutter & Buck is also being investigated by the Nasdaq Stock Market, which is moving to delist the company because of the planned restatement and a delay in filing a report for its fiscal year that ended April 30. Cutter & Buck said it's appealing the delisting decision. A hearing has been set for Friday.

In addition, Seattle law firm Hagens Berman announced it is leading a class-action lawsuit filed by investors claiming that the company intentionally misreported sales figures in an attempt to manipulate its stock price.The suit names Cutter & Buck, former Chief Executive Officer Harvey Jones and Chief Financial Officer Stephen Lowber as defendants.

The company said it is continuing an internal inquiry into accounting irregularities during the fiscal years that ended April 30, 2000, and April 30, 2001. Last month, the company said shipments of about $5.8 million were recorded as sales in fiscal 2000 but were made on a consignment basis. It acknowledged that some former executives may have received higher pay as a result of the irregularities. Cutter & Buck expects to be current in its financial reporting by the end of this month, CEO Fran Conley said.

Seattle P-I

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