Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Eastern District of Missouri on behalf of purchasers of Furniture Brands International, Inc. (“Furniture Brands” or the “Company”) (OTC: FBNIQ) common stock during the period between February 13, 2013 and August 5, 2013, inclusive (the “Class Period”).
If you have suffered a net loss from investment in Furniture Brands International, Inc. common stock purchased on or after February 13, 2013, and held through the revelation of negative information on August 6, 2013, as described below, at no cost to you, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at firstname.lastname@example.org, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than October 15, 2013 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that the Company was experiencing weaknesses in its wholesale business, that the Company’s trade names were being carried at inflated values that would require material impairments, and that the Company was experiencing severe liquidity issues. According to the Complaint, following the Company’s August 6, 2013 disclosure that the Company would need to address liquidity challenges and improve business performance by implementing strategic initiatives to achieve cost reductions, pursuing asset sales and working with its lenders to potentially modify its credit facilities, the value of Furniture Brands shares declined significantly.