Body Central Shareholder Alert: Briscoe Law Firm And Powers Taylor, LLP Announce Investigation Of Possible Breaches Of Fiduciary Duty By The Officers And Directors Of Body Central Corporation
Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation firm of Powers Taylor, LLP announce that the firms are investigating legal claims against the officers and Board of Directors of Body Central Corporation (“Body Central” or “Company”) (NasdaqGS: BODY) related to potential securities violations between November 10, 2011 and June 18, 2012 (the “Class Period”).
“Recent revelations about alleged improper business practices and procedures regarding key aspects of Body Central’s business and other misleading financial statements have prompted the firms to investigate possible breaches of fiduciary duties and other violations of state law by Body Central officers and directors. Based on our investigation, we are prepared to pursue litigation to preserve the company and the value of Body Central’s stock for all shareholders,” said shareholder rights attorney Willie Briscoe.
If you are an affected investor and you want to learn more about the lawsuit or join the action, contact Patrick Powers at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at email@example.com, or Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 706-9314, or via email at WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you.
In a recently filed federal class action complaint, the Company and certain of its officers and directors were charged with violating the Securities Exchange Act of 1934. During the Class Period, defendants misrepresented and/or failed to disclose adverse facts concerning what defendants described as a “merchandise miss,” as well as the poor operating and financial performance of the Company’s stores. Specifically, the complaint alleges that during the Class Period, the defendants misrepresented or failed to disclose: (a) that the Company’s merchandise miss was not an isolated, quickly fixable event, but would take at least several quarters to remedy and would have a material, negative impact on the Company’s financial results; (b) that the Company’s stores were experiencing increasingly poor performance and financial results; (c) that defendants issued materially false and misleading statements regarding the Company’s operations and its business and financial results and outlook; and (d) that, based on the above, defendants lacked a reasonable basis for their positive statements about the Company or its revenue outlook. As a result of defendants’ false statements, which included statements regarding the Company’s 2012 financial outlook, Body Central common stock traded at artificially inflated prices during the Class Period, reaching a high of $30.69 per share on April 27, 2012.
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