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Pier 1 Imports Inc (NYSE: PIR) Investor Securities Class Action Lawsuit 08/28/2015

  • If you purchased shares of Pier 1 Imports Inc (NYSE: PIR), you might have certain options and should contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Case Dismissed
Company
Pier 1 Imports Inc
Security
NYSE: PIR

Case Name
Pier 1 Imports Shareholder Class Action Lawsuit 08/28/2015
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Northern District of Texas

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

November 11, 2015 - The plaintiff filed a notice of voluntary dismissal without prejudice.
October 26, 2015 - Lead plaintiff motions were filed.

August 28, 2015 - An investor in shares of Pier 1 Imports Inc (NYSE: PIR) filed a lawsuit in the U.S. District Court for the Northern District of Texas over alleged violations of Federal Securities Laws by Pier 1 Imports Inc in connection with certain allegedly false and misleading statements made between December 19, 2013 and February 10, 2015.

According to the complaint the plaintiff alleges on behalf of purchasers of Pier 1 Imports Inc (NYSE: PIR) common shares between December 19, 2013 and February 10, 2015, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between December 19, 2013 and February 10, 2015 Defendants made allegedly false and/or misleading statements and allegedly failed to disclose the truth regarding the Pier 1 Imports Inc’s business prospects and financial condition.

Pier 1 Imports Inc reported that its Total Revenue rose from over $1.53 billion for the 12 months period that ended on February 25, 2012 to over $1.77 billion for the 12 months period that ended on March 1, 2014 and that its respective Net Income declined from $168.94 million to $107.53 million. Shares of Pier 1 Imports Inc (NYSE: PIR) declined from $25.20 per share in May 2013 to $11.68 per share in October 1, 2014.

On February 10, 2015, Pier 1 Imports Inc announced that it revised its financial guidance for the fiscal year ending February 28, 2015. Pier 1 Imports Inc said that its outlook reflects softer than expected sales in January and February, as well as higher than forecast expenses, primarily related to incremental supply chain costs.

In a separate announcement on February 10, 2015, Pier 1 Imports Inc also announced that its Senior Executive Vice President and Chief Financial Officer Charles H. Turner has retired and Laura A. Coffey, a 17-year veteran of Pier 1 Imports Inc, has been named Executive Vice President – Interim Chief Financial Officer, effective immediately. Shares of Pier 1 Imports Inc (NYSE: PIR) declined from $17.10 per share on February 10, 2015 to as low as $11.38 per share on February 11, 2014.