SAN DIEGO and FORT WORTH,
Texas, Feb.
12, 2015 /PRNewswire/ -- Shareholder rights law firm
Robbins Arroyo LLP is investigating whether certain officers and
directors of Pier 1 Imports, Inc. (NYSE: PIR) breached their
fiduciary duties to shareholders. Pier 1 sells decorative
home furnishings, furniture, gifts, and related products.
View this press release on the law firm's Shareholder Rights
Blog:
www.robbinsarroyo.com/shareholders-rights-blog/pier-1-imports-inc
Pier 1 Lowers its Financial Guidance
Robbins Arroyo LLP's investigation focuses on whether Pier 1's
board of directors breached its fiduciary duties to shareholders by
failing to institute adequate financial controls. On February 10, 2015, Pier 1 announced revisions to
its financial guidance for the fiscal year ending February 28, 2015. Specifically, Pier 1 disclosed
that it expects earnings of $0.80-$0.83 per share, significantly below the
previous earning projection of $0.95 to
$1.05 per share. Further, Pier 1 noted lower than expected
sales in January and cited caution for February sales. In a
separate announcement, Pier 1 also announced the sudden retirement
of Charles Turner, the Senior
Executive Vice President and Chief Financial Officer. On this
combined news, shares of Pier 1 fell $4.13 per share, or 24%, to close at $12.84 per share on February 11, 2015.
Pier 1 Shareholders Have Legal Options
Concerned shareholders who would like more information about
their rights and potential remedies can contact attorney
Darnell R. Donahue at (800)
350-6003, DDonahue@robbinsarroyo.com, or via the shareholder
information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in
shareholder rights law. The firm represents individual and
institutional investors in shareholder derivative and securities
class action lawsuits, and has helped its clients realize more than
$1 billion of value for themselves
and the companies in which they have invested.
Attorney Advertising. Past results do not guarantee a
similar outcome.
Contact:
Darnell R. Donahue
Robbins Arroyo LLP
600 B Street, Suite 1900
San Diego, Ca 92101
DDonahue@robbinsarroyo.com
(619) 525-3990 or Toll Free (800) 350-6003
www.robbinsarroyo.com
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SOURCE Robbins Arroyo LLP