BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces an expanded class period in the class action filed on behalf of a class (the “Class”) of investors who purchased Pier 1 Imports, Inc. (“Pier 1” or the “Company”) (NYSE:PIR) securities between December 19, 2013 and September 24, 2015, inclusive (the “Class Period”). Investors who suffered losses on their investment in Pier 1 securities have until October 26, 2015 to file a lead plaintiff motion in the class action filed on behalf of a class.
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.
Then, 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.
The complaint alleges that the Company misrepresented to investors the success of its e-commerce business, and Pier 1’s ability to manage an increasing inventory without large discounting policies. Upon disclosure of the Company’s failure to execute on its e-commerce strategy, the Company’s shares declined sharply thereby injuring investors.
If you purchased shares of Pier 1 during the Class Period you may move the Court no later than October 26, 2015 to request appointment as lead plaintiff if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you 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.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.