NEW YORK, Feb. 12, 2015 /PRNewswire/ -- Bernstein
Liebhard LLP today announced that it is investigating possible
claims against Pier 1 Imports, Inc. ("Pier 1" or the
"Company"). The investigation concerns whether Pier 1 and
certain of its officers and/or directors have violated Sections
10(b) and 20(a) of the Securities Exchange Act of 1934.
On February 10, 2015, the Company
radically reduced its financial guidance for the fiscal year ending
February 28, 2015 ("FY15").
Pier 1 had repeatedly trumpeted FY15 guidance of $.95 to $1.05 per share. On February 10th, approximately three
weeks before the end of FY15, Pier 1 slashed its FY15 guidance
almost 20% to $.80 to $.83 per
share. Pier 1 blamed the sudden change in outlook on softer
than expected sales in January and February and "unplanned"
expenses, primarily related to incremental supply chain costs.
Tellingly, Pier 1 also announced that the Company's Chief
Financial Officer Charles H. Turner
– a 23 year veteran with the Company – had "retired".
On this news, shares of Pier 1 plummeted $5.28 per share to $11.69, or more than 30%, in after-hours trading
on February 10, 2015.
TheStreet's Jim Cramer stated
that he has backed Pier 1 since it was trading at pennies, but that
there was something wrong there now because "this does not add
up". Cramer explained that a stock does not go down
five dollars and a CFO does not leave
unless there is a bigger story than weak comparable-store
numbers.
If you lost money in Pier 1, or are interested in discussing
your rights as a Pier 1 shareholder and/or have information
relating to the matter, please contact Joseph R. Seidman, Jr. at (877) 779-1414 or
seidman@bernlieb.com.
Bernstein Liebhard LLP has pursued hundreds of securities,
consumer and shareholder rights cases and recovered over
$3 billion for its clients. The
National Law Journal has recognized Bernstein Liebhard for
twelve consecutive years as one of the top plaintiffs' firms in the
country.
Bernstein Liebhard LLP
10 East 40th Street
New York, New York 10016
(877) 779-1414
www.bernlieb.com
ATTORNEY ADVERTISING. © 2015 Bernstein Liebhard LLP. The law
firm responsible for this advertisement is Bernstein Liebhard LLP,
10 East 40th Street, New York, New
York 10016, (212) 779-1414. The lawyer responsible for this
advertisement in the State of
Connecticut is Michael S. Bigin. Prior results do not
guarantee or predict a similar outcome with respect to any future
matter.
Contact Information
Joseph R. Seidman, Jr.
Bernstein Liebhard LLP
http://www.bernlieb.com
(212) 779-1414
seidman@bernlieb.com
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SOURCE Bernstein Liebhard LLP