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Case Status:    SETTLED
On or around 06/09/2016 (Ongoing date of last review)

Filing Date: October 11, 2013

According to the law firm press release, Urban Outfitters engages in the retail and wholesale of general consumer products in the United States, targeting the younger millennial age demographic.

The complaint alleges that, during the Class Period, defendants issued materially false and misleading statements regarding the Company’s financial performance and future prospects and/or failed to disclose the following adverse facts: (a) Urban Outfitters’ comparable sales growth had significantly declined, particularly in its all-important Urban Outfitters group; (b) as a results of declining sales, Urban Outfitters was forced to offer an additional 30% off all clearance items during Labor Day weekend 2013, something it had not been forced to do during the prior year Labor Day weekend; and (c) as a result of the foregoing, the Company was not on track to achieve the financial results defendants had led the market to expect during the Class Period.

On September 9, 2013, the Company disclosed its second quarter 2014 financial results and commented on third quarter 2014 expectations, reporting that comparable sales at the Company’s important Urban Outfitters Group had grown only 5.2% in the 2014 second quarter – far less than the 9% defendants’ comments had led the investment community to expect – and that 2014 second quarter markdowns had resulted in a “lower average unit selling price,” lowering overall sales revenues and profits. Critically, defendants also issued disappointing third quarter guidance. On this news, the price of Urban Outfitters common stock, which had traded above $44 per share in intraday trading during the Class Period, fell approximately 13% from that level to close at $38.35 per share on September 10, 2013, erasing more than $837 million in market capitalization from the stock’s Class Period high.

On January 7, 2014, the Court issued an Order appointing lead plaintiff and approving lead counsel. Lead Plaintiff filed the amended complaint on March 10.

On May 4, 2015, the Court issued an Order denying Defendants' Motion to Dismiss.

On June 8, 2016, the parties entered into a Stipulation of Settlement.

COMPANY INFORMATION:

Sector: Services
Industry: Retail (Apparel)
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: URBN
Company Market: NASDAQ
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. Pennsylvania
DOCKET #: 13-CV-05978
JUDGE: Hon. L. Felipe Restrepo
DATE FILED: 10/11/2013
CLASS PERIOD START: 03/12/2013
CLASS PERIOD END: 09/09/2013
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Holzer Holzer & Fistel, LLC (Atlanta)
    200 Ashford Center North, Suite 300, Holzer Holzer & Fistel, LLC (Atlanta), GA 30338
    770.392.0090 770.392.0090 ·
  2. Law Offices of Bernard M. Gross (Philadelphia)
    John Wanamaker Building; 100 Penn Square East, Suite 450, Law Offices of Bernard M. Gross (Philadelphia), PA 19107
    215.561.3600 215.561.3600 · susang@bernardmgross.com
  3. 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 ·
No Document Title Filing Date
COURT: E.D. Pennsylvania
DOCKET #: 13-CV-05978
JUDGE: Hon. L. Felipe Restrepo
DATE FILED: 03/10/2014
CLASS PERIOD START: 03/12/2013
CLASS PERIOD END: 09/09/2013
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Holzer & Holzer, LLC
    1117 Perimeter Center West, Suite E-107, Holzer & Holzer, LLC, GA 30338
    770.392.0090 770.392-0029 · mfistel@holzerlaw.com
  2. Law Offices of Bernard M. Gross (Philadelphia)
    John Wanamaker Building; 100 Penn Square East, Suite 450, Law Offices of Bernard M. Gross (Philadelphia), PA 19107
    215.561.3600 215.561.3600 · susang@bernardmgross.com
  3. Robbins Geller Rudman & Dowd LLP (Boca Raton)
    120 East Palmetto Park Road, Suite 500, Robbins Geller Rudman & Dowd LLP (Boca Raton), FL 33432
    561.750.3000 561.750.3364 ·
No Document Title Filing Date