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. 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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To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/robbins-arroyo-llp-is-investigating-the-officers-and-directors-of-pier-1-imports-inc-pir-on-behalf-of-shareholders-300035703.html
SOURCE Robbins Arroyo LLP
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