Harwood Feffer LLP Announces That A Securities Class Action Lawsuit Has Been Filed Against Pier 1 Imports, Inc.
NEW YORK, Aug. 31, 2015 /PRNewswire/ -- Harwood Feffer LLP (www.hfesq.com) announces that a class action suit was filed in the United States District Court for the Northern District of Texas (Case No. 3:15-cv-02793-D) against Pier 1 Imports, Inc. ("Pier 1" or the "Company") (NYSE: PIR) and certain of its officers on behalf of all purchasers of Pier 1 common stock between December 19, 2013 and February 10, 2015 (the "Class Period") for violations of the federal securities laws by disseminating false and misleading statements to the investing public.
In addition, Harwood Feffer is investigating potential claims against the board of directors of Pier 1, concerning whether the board has breached its fiduciary duties to shareholders.
Pier 1 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.
On February 10, 2015, approximately two weeks prior to its year end, 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 abruptly "retired". On this news, shares of Pier 1 dropped by approximately 25% to $12.84, or approximately 25%, on trading of over 36 million shares.
If you purchased Pier 1 shares between December 19, 2013 and February 10, 2015, you may, no later than October 26, 2015, request that the Court appoint you lead plaintiff in the securities case.
In addition, Harwood Feffer's separate investigation concerns whether the Company board of directors has breached its fiduciary duties to shareholders, grossly mismanaged the Company, and/or committed abuses of control in connection with the foregoing.
If you own Pier 1 shares and wish to discuss this matter with us, or have any questions concerning your rights and interests with regard to this matter, please contact:
Harwood Feffer has been representing individual and institutional investors for many years, serving as lead counsel in numerous cases in federal and state courts. Please visit the Harwood Feffer LLP website (http://www.hfesq.com) for more information about the firm.
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SOURCE Harwood Feffer LLP