URBN ALERT: Shareholder Rights Law Firm Johnson & Weaver, LLP Announces Investigation of Certain Officers & Directors of Urba...
November 17 2015 - 11:23AM
Business Wire
Shareholder Rights Law Firm Johnson & Weaver, LLP is
investigating whether certain officers or directors of Urban
Outfitters, Inc. (NASDAQ: URBN) violated state or federal laws in
connection with statements regarding Urban Outfitters’ business,
operations and financial prospects. Urban Outfitters is a lifestyle
specialty retail company, engages in the retail and wholesale of
general consumer products.
Specifically, on or about May 4, 2015, in a case pending in the
United States District Court for the Eastern District of
Pennsylvania on behalf of purchasers of Urban Outfitters, Inc.,
brought on behalf of a class of shareholders who purchased the
Company’s stock between March 12, 2013 and September 9, 2013 (“the
“Securities Class Action”), the Court denied defendants’ motion to
dismiss. The complaint in the Securities Class Action alleges that,
during the Class Period, defendants issued materially false and
misleading statements regarding the Company’s financial performance
and future prospects and/or failed to disclose the following
adverse facts: (a) Urban Outfitters’ comparable sales growth had
significantly declined, particularly in its all-important Urban
Outfitters group; (b) as a results of declining sales, Urban
Outfitters was forced to offer an additional 30% off all clearance
items during Labor Day weekend 2013, something it had not been
forced to do during the prior year Labor Day weekend; and (c) as a
result of the foregoing, the Company was not on track to achieve
the financial results defendants had led the market to expect
during the Class Period.
If you are a continuous, long-term shareholder of Urban
Outfitters stock, you may have standing to hold the Company
harmless from the damage the officers and directors caused by
making them personally responsible. You may also be able to assist
in reforming the Company’s corporate governance to prevent future
wrongdoing.
If you are an Urban Outfitters shareholder and are interested
in learning more about the investigation or your legal rights and
remedies, please contact Al Myers
(amyers@johnsonandweaver.com) at (404) 931-7735. If
emailing, please include a phone number where you can be
reached.
About Johnson & Weaver, LLP:
Johnson & Weaver, LLP is a nationally recognized shareholder
rights law firm with offices in California, New York and Georgia.
The firm represents individual and institutional investors in
shareholder derivative and securities class action lawsuits. For
more information about the firm and its attorneys, please visit
http://www.johnsonandweaver.com. Attorney advertising. Past results
do not guarantee future outcomes.
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version on businesswire.com: http://www.businesswire.com/news/home/20151117006488/en/
Johnson & Weaver, LLPAl Myers, (404)
931-7735amyers@johnsonandweaver.com
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