INVESTOR ALERT: Investigation of Pier 1 Imports, Inc. Announced by Law Offices of Howard G. Smith
Law Offices of Howard G. Smith announces an investigation on behalf of investors of Pier 1 Imports, Inc. ("Pier 1" or the "Company") (NYSE: PIR) concerning the Company's and its officers' alleged violations of federal securities laws through misleading investors regarding its operations and financial performance. Investors that have suffered a loss of over $100,000 on their Pier 1 securities holdings are encouraged to contact Howard G. Smith, Esq. to discuss their legal rights.
On February 10, 2015, the Company disclosed to investors a reduction in 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. On this news, shares of Pier 1 plummeted nearly 25 percent on very high volume of shares, thereby damaging investors.
The Company further disclosed on September 25, 2015 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 cents to 64 cents a share this year, down from a previous forecast of as much as 87 cents. Shares of Pier 1 declined sharply in response to the news on September 25, 2015, thereby damaging investors.
If you purchased Pier 1 securities, 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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at http://www.howardsmithlaw.com.
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