72-Hour Deadline Alert: Glancy Prongay & Murray LLP Announces Expanded Class Period and Reminds Investors of the October 26, 2015 Lead Plaintiff Deadline in the Class Action Lawsuit Against Pier 1 Imports, Inc.
Glancy Prongay & Murray LLP ("GPM") announces an expanded class period in the class action lawsuit filed on behalf of investors of Pier 1 Imports, Inc. ("Pier 1" or the "Company") (NYSE:PIR) who purchased shares between December 19, 2013 and September 24, 2015 inclusive (the "Class Period"). Pier 1 investors have until October 26, 2015 to file a lead plaintiff motion. Investors are encouraged to contact GPM to discuss their legal rights.
On February 10, 2015, the Company reduced its financial guidance for the fiscal year ending February 28, 2015, blaming the downgrade on softer than expected sales in January and February 2015 and "unplanned" expenses, primarily related to incremental supply chain costs. Also on February 10, 2015, Pier 1 announced that the Company's Chief Financial Officer Charles H. Turner, a 23 year veteran with the Company, had retired. Subsequently, on September 25, 2015 the Company reported a reduction in its profit forecast, due to a buildup of inventory and heavy reliance on discounts. The Company informed investors that it now expects earnings of 56 to 64 cents a share this year, down from a previous forecast of 87 cents.
The complaint alleges that the Company misrepresented the success of its e-commerce business, and Pier 1's ability to manage an increasing inventory without large discounting policies. Upon disclosure of the Company's failure to execute on its e-commerce strategy, the Company's shares declined sharply, thereby injuring investors.
If you purchased shares of Pier 1 during the Class Period you may move the Court no later than October 26, 2015 to request appointment as lead plaintiff. If you purchased Pier 1 securities during the Class Period, or if you have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to firstname.lastname@example.org, or visit our website at http://www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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