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KAPLAN FOX & KILSHEIMER LLP ANNOUNCES CLASS
ACTION SUIT AGAINST STEVEN MADDEN, LTD.

NEW YORK - - The following statement was issued today by the law firm of Kaplan Fox & Kilsheimer LLP:

 A class action has been commenced in the United States District Court for the the Eastern District of New York on behalf of all persons who purchased or otherwise acquired the common stock of Steven Madden Ltd. (Nasdaq: SHOO; "Steven Madden" or the "Company"), between November 3, 1999 and June 20, 2000, inclusive.

The complaint alleges that defendants Steven Madden and its Chairman and Chief Executive Officer, Steven Madden ("Madden") violated the Securities Exchange Act of 1934.  The lawsuit charges that, during the Class Period, defendants failed to disclose material adverse facts about the Company and defendant Madden.  Specifically, defendants failed to disclose, among other things, that (a) defendant Madden had participated in a scheme to manipulate the market for various initial public offerings of common stock of certain companies and that he had done so in conjunction with Stratton Oakmont - a securities brokerage that was censured and fined by the NASD and SEC for securities fraud and is now defunct; (b) that the Company's projections of future success were lacking in a reasonable basis at all times because defendant Madden's ability to continue in his roles at the Company were subject to increased risk and uncertainty given his involvement in the aforementioned scheme; and (c) that, given defendant Madden's involvement in the aforementioned scheme, his ability to continue to operate and direct the operations of the Company were subject to increased and heightened risk in that he would be unable to continue in his roles at the Company and, accordingly, the Company's operations would be adversely affected. On June 20, 2000, when news of defendant Madden's arrest for his alleged involvement with a massive securities fraud was communicated to the securities markets, the price of Steven Madden common stock fell from 13 1/8 to 11 3/16 before trading was halted on the NASDAQ.

Plaintiff seeks to recover damages on behalf of the Class and is represented by Kaplan Fox & Kilsheimer LLP which has many years of experience in prosecuting investor class actions and actions involving financial fraud.  For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.KaplanFox.com. If you are a member of the Class, you may move the court no later than August 21, 2000, to serve as a lead plaintiff for the Class.  In order to serve as a lead plaintiff, you must meet certain legal requirements.

 If you have any questions about this Notice, the action, your rights, or your interests, please e-mail us at mail@KaplanFox.com or contact:

Frederic S. Fox, Esq.
Brigid T. Kavanaugh, Esq.
Donald R. Hall, Esq.
Kaplan Fox & Kilsheimer LLP
(800) 290-1952
(212) 687-1980
Fax: (212) 687-7714
E-mail address:
mail@KaplanFox.com

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