Case Page

 

Case Status:    DISMISSED    
On or around 05/15/2015 (Other)

Filing Date: August 16, 2013

According to the complaint, plaintiff brings this action on behalf of all persons or entities who purchased or otherwise acquired shares of FBN common stock between February13, 2013 and August 5, 2013, inclusive (the “Class Period”), seeking to pursue remedies under §§10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”). The Exchange Act claims allege that Defendants engaged in a fraudulent scheme to artificially inflate the Company’s stock price. As a result of the fraud described below, the Company has lost a substantial portion of its market capitalization.

Defendant FBN maintains principal executive offices in St. Louis, Missouri. FBN manufactures and distributes residential furniture. The Company’s products include stationary upholstery products, occasional furniture, recliners and sleep sofas. The Company’s trade names include, among others, Thomasville, Broyhill, Lane, and Drexel Heritage. The Company utilizes trademarks and trade names extensively to promote brand loyalty among consumers and views such trademarks and trade names as valuable assets that it aggressively protects. FBN carries its trade names on its books as assets, which are tested annually for impairment by comparing the carrying value and fair value of each trade name to determine the amount, if any, of impairment.

Plaintiff alleges that Defendants have fraudulently inflated FBN’s stock price during the Class Period by disseminating materially false and misleading statements, and failing to disclose material information known or recklessly disregarded by Defendants, concerning the
Company’s true financial condition, operation and business prospects.

Specifically, throughout the Class Period, Defendants made false and misleading statements and/or failed to disclose that: (a) the Company was experiencing weaknesses in its wholesale business; (b) the Company’s trade names were being carried at inflated values that would require material impairments; (c) the Company was experiencing severe liquidity issues; (d) and based upon the above, the Defendants lacked a reasonable basis for their positive statements about the Company during the Class Period.

As a result of Defendants’ wrongful acts, false and misleading statements and omissions, and the precipitous decline in the market value of the Company’s securities, Plaintiff and other Class members have suffered significant losses and damages.

A consolidated complaint was filed on May 5, 2014.

On January 27, 2015, the Court issued an Order granting Defendants' Motion to Dismiss. Judgment was entered in favor of Defendants. On February 26, the Plaintiffs filed a Notice of Appeal of the above decision. The Appeal was dismissed on May 15.

COMPANY INFORMATION:

Sector: Consumer Non-Cyclical
Industry: Personal & Household Products
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: FBN
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: E.D. Missouri
DOCKET #: 13-CV-01600
JUDGE: Hon. Henry E. Autrey
DATE FILED: 08/16/2013
CLASS PERIOD START: 02/13/2013
CLASS PERIOD END: 08/05/2013
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Carey, Danis & Lowe
    8235 Forsyth Boulevard, Suite 1100, Carey, Danis & Lowe, MO 63105
    (314) 725-7700 (314) 721-0905 ·
  2. Saxena White PA (Boca Raton)
    2424 N. Federal Highway, Suite 257, Saxena White PA (Boca Raton), FL 33431
    561.394.3399 561.394.3399 ·
No Document Title Filing Date
COURT: E.D. Missouri
DOCKET #: 13-CV-01600
JUDGE: Hon. Henry E. Autrey
DATE FILED: 05/05/2014
CLASS PERIOD START: 02/13/2013
CLASS PERIOD END: 08/05/2013
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Robbins Geller Rudman & Dowd LLP (Melville)
    58 South Service Road, Suite 200, Robbins Geller Rudman & Dowd LLP (Melville), NY 11747
    631.367.7100 631.367.1173 ·
  2. Shamberg Johnson & Bergman
    2600 Grand Boulevard, Shamberg Johnson & Bergman, MO 64108-4627
    816.474.0004 816.474.0004 ·
No Document Title Filing Date
No Document Title Filing Date