Scott+Scott, Attorneys at Law, LLP Files Securities Class Action Against Pier 1 Imports, Inc.
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 (email@example.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.