Pier 1 Imports, Inc. investors may receive additional information about the case by clicking the link "Join this Class Action" above.
According to the complaint, 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, the defendants made false and/or misleading statements and failed to disclose material adverse facts about the company’s business, operations, and prospects. Specifically, the complaint alleges that the defendants made false and/or misleading statements and/or failed to disclose the truth regarding the company’s business prospects and financial condition.
The Class Period starts on December 19, 2013 when the company published its 2014 fiscal third quarter results. Despite disappointing results that were announced just three months earlier, the company announced that it had delivered “solid third quarter financial results.” After continuously promoting the success of its e-commerce business, on February 10, 2015, Pier 1 surprised investors by reducing its financial guidance for the fiscal year ending February 28, 2015. According to the complaint, 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. Further, Pier 1 announced that the company’s Chief Financial Officer (“CFO”) Charles H. Turner – a 23 year veteran with the company – had “retired.”
Following this news, shares of Pier 1 fell to $12.84, or approximately 25%, on trading of over thirty-six million shares.
If you are a member of the class described above, you may no later than October 26, 2015, move the Court to serve as lead plaintiff of the class, if you so choose.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.
Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter. If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP.
Kessler Topaz Meltzer & Check, LLP
James Maro, Esq.
Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
1-888-299-7706 (toll free) or 1-610-667-7706