Daily News
From Home Furnishing Business
Securities Class Action Filed Against Pier 1
August 28,
2015 by in Financial Reports, Furniture Retailing, Industry 
A class action lawsuit has been filed against specialty retailer Pier 1 (NYSE: PIR) alleging company executives failed to disclose information about the company’s financial condition.
The suit, filed in the U.S. District Court for the Northern District of Texas, also alleges during the period from Dec. 19, 2013, until Feb. 10 that the company made false and/or misleading statements. The action seeks remedies under the Securities Exchange Act of 1934.
The retailer reduced its financial guidance for the fiscal year ended Feb. 28, about two weeks prior to its year end, pointing to its outlook on softer than expected sales in January and February 2015 and unplanned expenses, primarily related to incremental supply chain costs. It also announced Charles Turner, CFO of Pier 1 Imports, had retired.
Shares fell to $12.84, or approximately 25 percent, on trading of more than 36 million shares.