INVESTOR ALERT: Investigation on Behalf of Investors of Pier 1 Imports, Inc. Announced by Law Offices of Howard G. Smith
February 18 2015 - 12:02PM
Business Wire
Law Offices of Howard G. Smith announces that it is
investigating potential claims on behalf of investors of Pier 1
Imports, Inc. (“Pier 1” or the “Company”) (NYSE:PIR) concerning
possible violations of federal securities laws. The investigation
is focused on the Company’s business and financial performance.
Pier 1 is engaged in the retail sale of decorative home
furnishings, furniture, gifts and related products. The
investigation is related to the Company’s February 10, 2015,
announcement of revised financial guidance for the fiscal year
ending February 28, 2015. Citing “softer than expected sales in
January and February, as well as higher than forecast expenses,
primarily related to incremental supply chain costs,” the Company
now expects annual earnings of $0.80 to $0.83 per share, excluding
some items, which is below analysts’ average estimates and down
from previous guidance of $0.95 to $1.05 per share in the
period.
In a separate press release, Pier 1 announced a management
change: Senior Executive Vice President and Chief Financial Officer
Charles H. Turner has retired, and Laura A. Coffey, a 17-year
veteran of the Company, has been named Executive Vice
President-Interim Chief Financial Officer, effective immediately.
Following this news, shares of Pier 1 fell more than 24%, to a
closing price of $12.84 per share on February 11, 2015, on
extremely heavy volume.
If you purchased Pier 1 securities, if you have information or
would like to learn more about these claims, or if you have any
questions concerning this announcement or your rights or interests
with respect to these matters, please contact Howard G. Smith,
Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike,
Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215)
638-4847, Toll Free at (888) 638-4847, or by email to
howardsmith@howardsmithlaw.com, or visit our website at
http://www.howardsmithlaw.com.
Law Offices of Howard G. SmithHoward G. Smith,
Esquire215-638-4847888-638-4847howardsmith@howardsmithlaw.comwww.howardsmithlaw.com
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