Update in Lawsuit for Investors in Urban Outfitters, Inc. (NASDAQ:URBN) Shares Announced by Shareholders Foundation
November 10 2015 - 11:25AM
The Shareholders Foundation, Inc. announces that a lawsuit pending
in Pennsylvania on behalf of certain purchasers of shares of Urban
Outfitters, Inc. (NASDAQ:URBN) over alleged Securities Laws
Violations by Urban Outfitters, Inc. will proceed.
Investors who purchased shares of Urban Outfitters, Inc.
(NASDAQ:URBN) in March 2013 or earlier and continue to hold any of
those NASDAQ: URBN shares have certain options and should contact
the Shareholders Foundation at mail@shareholdersfoundation.com or
call +1(858) 779 - 1554.
On September 9, 2013, Urban Outfitters disclosed its second
quarter 2014 financial results and commented on third quarter 2014
expectations.
On October 11, 2013 a lawsuit was filed against Urban
Outfitters, Inc over alleged securities laws violations. The
plaintiff claimed that defendants issued certain materially
allegedly false and misleading statements regarding Urban
Outfitters Inc’s financial performance and future prospects and/or
failed to disclose that Urban Outfitters Inc’s comparable sales
growth had significantly declined, particularly in its
all-important Urban Outfitters group, that as a results of
declining sales, Urban Outfitters Inc 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 that as a result of the foregoing, Urban
Outfitters Inc was not on track to achieve the financial results
defendants had led the market to expect March 12, 2013 and
September 9, 2013. The plaintiff alleged that comparable sales at
Urban Outfitters’ important Urban Outfitters Group had grown only
5.2% in the 2014 second quarter, which is far less than the 9%
defendants’ comments had allegedly led the investment community to
expect and that defendants also issued disappointing third quarter
guidance on September 9, 2013.
In March 2014 an amended complaint was filed by the plaintiff
and in May 2014 the defendants filed their motion to dismiss the
case. However, in May 2015 the judge presiding over the case denied
the request by Urban Outfitters to dismiss the case.
Those who purchased Urban Outfitters, Inc. (NASDAQ:URBN) shares
in March 2013 or earlier and continue to hold any of those NASDAQ
URBN shares have certain options and should contact the
Shareholders Foundation, Inc. by e-mail at
mail@shareholdersfoundation.com or call +1 (858)
779-1554.
The Shareholders Foundation, Inc. is a professional portfolio
legal monitoring and a settlement claim filing service, which does
research related to shareholder issues and informs investors of
securities class actions, settlements, judgments, and other legal
related news to the stock/financial market. The Shareholders
Foundation, Inc. is not a law firm. The information is provided as
a public service. It is not intended as legal advice and should not
be relied upon.
CONTACT:
Shareholders Foundation, Inc.
Michael Daniels
+1 (858) 779-1554
mail@shareholdersfoundation.com
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
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