DALLAS--(BUSINESS WIRE)--Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation firm of Powers Taylor LLP announce that a federal class action lawsuit has been filed in the United States District Court for the Northern District of Texas against Pier 1 Imports, Inc. (“Pier 1”) (NYSE: PIR) and several officers and directors for acts taken during the period of December 19, 2013 to February 10, 2015 (the “Class Period”).
Based upon the allegations in the class action, the firms are investigating additional legal claims against the officers and Board of Directors of Pier 1. If you are an affected Pier 1 shareholder and want to learn more about the lawsuit or join the action, contact Willie Briscoe at The Briscoe Law Firm, PLLC via email at firstname.lastname@example.org, Patrick Powers at Powers Taylor LLP via email at email@example.com, or call toll free at (877) 728-9607. There is no cost or fee to you.
According to the complaint, the defendants are alleged to have violated certain provisions of the Securities Exchange Act of 1934. Specifically, the complaint alleges, among other things, that defendants issued false and/or misleading statements and failed to disclose material adverse facts about the Company’s business, operations, and prospects. On February 10, 2015, Pier 1 reduced its financial guidance for the fiscal year ending February 28, 2015, blaming 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 day that the Chief Financial Officer, a 23-year veteran with Pier 1, had abruptly retired. Pier 1 stock dropped approximately 25% immediately following this announcement.
The Briscoe Law Firm, PLLC is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters.
Powers Taylor LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.