Case Page

 

Case Status:    DISMISSED    
On or around 12/02/2015 (Other)

Filing Date: August 27, 2015

According to the law firm press release, Pier 1 is a retailer of decorative home furnishings and gifts imported from countries around the world. Pier 1 maintains over 1,000 stores in the United States and Canada and operates as one segment consisting of the retail sales of decorative home furnishing, furniture, gifts and related items.

The complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose the truth regarding the Company’s business prospects and financial condition.

Approximately two weeks prior to its year end, on February 10, 2015, the Company surprised investors by reducing its financial guidance for the fiscal year ending February 28, 2015. Pier 1 blamed the sudden change in its outlook on softer than expected sales in January and February 2015 and "unplanned" expenses, primarily related to incremental supply chain costs. Pier 1 also announced that the Company's Chief Financial Officer had "retired". On this news, shares of Pier 1 plummeted to $12.84, or approximately 25%, on trading of over thirty-six million shares.

This case was voluntarily dismissed on November 11, 2015.

COMPANY INFORMATION:

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

SECURITIES INFORMATION:

Ticker Symbol: PIR
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: N.D. Texas
DOCKET #: 15-CV-02798
JUDGE: Hon. Sidney A Fitzwater
DATE FILED: 08/27/2015
CLASS PERIOD START: 12/19/2013
CLASS PERIOD END: 02/10/2015
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Federman & Sherwood (Oklahoma City)
    10205 N. Pennsylvania, Federman & Sherwood (Oklahoma City), OK 73120
    405.235.1560 405.235.1560 ·
  2. Holzer & Holzer, LLC
    1117 Perimeter Center West, Suite E-107, Holzer & Holzer, LLC, GA 30338
    770.392.0090 770.392-0029 · mfistel@holzerlaw.com
  3. Scott + Scott LLP (NY)
    405 Lexington Avenue, 40th Floor, The Chrysler Building, Scott + Scott LLP (NY), NY 10174
    (212) 223-6444 (212) 223-6444 ·
No Document Title Filing Date