Scott+Scott, Attorneys at Law, LLP Files Securities Class Action Against Pier 1 Imports, Inc.
August 27 2015 - 9:00PM
Business Wire
Scott+Scott, Attorneys at Law, LLP filed a class action
complaint in the United States District Court for the Northern
District of Texas on behalf of all purchasers of Pier 1 Imports,
Inc. (“Pier 1” or the “Company”) (NYSE:PIR) shares from December
19, 2013 through February 10, 2015 inclusive (the “Class Period”).
The action seeks remedies under the Securities Exchange Act of
1934.
Pier 1 (NYSE:PIR) is a retailer of decorative home furnishings
and gifts imported from countries around the world. Pier 1
maintains over 1,000 stores in the United States and Canada and
operates as one segment consisting of the retail sales of
decorative home furnishing, furniture, gifts and related items.
The complaint alleges that throughout the Class Period,
Defendants made false and/or misleading statements and failed to
disclose material adverse facts about the Company’s business,
operations, and prospects. Specifically, Defendants made false
and/or misleading statements and/or failed to disclose the truth
regarding the Company’s business prospects and financial
condition.
Approximately two weeks prior to its year end, on February 10,
2015, the Company surprised investors by reducing its financial
guidance for the fiscal year ending February 28, 2015. Pier 1
blamed the sudden change in its outlook on softer than expected
sales in January and February 2015 and "unplanned" expenses,
primarily related to incremental supply chain costs. 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 to $12.84, or approximately
25%, on trading of over thirty-six million shares.
If you purchased Pier 1 stock during this time period and wish
to serve as a lead plaintiff in the action, you must move the Court
no later than October 26, 2015. Any member of the class may move
the Court to serve as lead plaintiff through counsel of its choice
or may choose to do nothing and remain an absent class member. If
you wish to discuss this action or have questions concerning this
notice or your rights, please contact Scott+Scott
(scottlaw@scott-scott.com, (800) 404-7770, (860) 537-5537) or visit
the Scott+Scott website for more information:
http://www.scott-scott.com.
There is no cost or fee to you.
Scott+Scott has significant experience in prosecuting major
securities, antitrust, and employee retirement plan actions
throughout the United States. The firm represents pension funds,
foundations, individuals, and other entities worldwide and has
recovered hundreds of millions of dollars on behalf of their
clients.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20150827006102/en/
Scott+Scott, Attorneys at Law, LLPMichael
Burnett800-404-7770860-537-5537scottlaw@scott-scott.commburnett@scott-scott.com
Pier 1 Imports (NYSE:PIR)
Historical Stock Chart
From Mar 2024 to Apr 2024
Pier 1 Imports (NYSE:PIR)
Historical Stock Chart
From Apr 2023 to Apr 2024