BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased certain 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 $100,000 on their Pier 1 securities holdings are encouraged to contact Howard G. Smith, 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. On this news, shares of Pier 1 plummeted nearly 25 percent on very high volume of shares, thereby damaging investors.
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.
If you purchased Pier 1 securities you may move the Court no later than October 26, 2015 to ask the Court to appoint you 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 email@example.com, or visit our website at http://www.howardsmithlaw.com.
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