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From Home Furnishing Business

Law Firm Targets Furniture Brands

August 8, 2013  by in Industry, Legal   

The Rosen Law Firm, New York, announced that is investigating a securities class action lawsuit on behalf of Furniture Brands International. The firm concentrates its practice in securities class actions and shareholder derivative litigation. The FBN investigation is based on allegations that the company may have fraudulently overstated the value of its trade name.

The firm noted that on its 2012 10-K filed March 6, FBN reported its trade-name book value at about $76 million (out of about $618 of total assets), after an impairment of about $1.1 million from the test it had run in the fourth quarter of 2012.

In announcing its second-quarter 2006 results this week, FBN reported that it had recorded a goodwill impairment of more than $10.8 million. That day, FBN's stock price fell by 38 percent.

The law firm is asking purchasers of Furniture Brands stock before August 6 to visit its Web site for more information; or contact Jonathan Horne or Phillip Kim by phone at 866.767.3653; or via e-mail at jhorne@rosenlegal.com or pkim@rosenlegal.com.