LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) announces the filing of a class action lawsuit on behalf of investors of Pier 1 Imports, Inc. ("Pier 1" or the "Company") (NYSE:PIR) securities between December 19, 2013 and February 10, 2015 (the “Class Period”). Investors that have suffered a loss of over $500,000 on their Pier 1 securities holdings are encouraged to contact Lesley Portnoy, Esq. to discuss their legal rights prior to the October 26, 2015 lead plaintiff deadline.
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.
The complaint alleges that the Company and its officers have intentionally misled consumers and investors regarding the Company’s operational and financial performance, and that when the truth was revealed Pier 1 shares plummeted to $12.84, or approximately 25%, on trading of over thirty-six million shares.
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. Shares of Pier 1 declined sharply in response to the news, thereby further 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 Lesley Portnoy, 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 shareholders@glancylaw.com, 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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