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 a federal class action lawsuit has been filed against Urban Outfitters, Inc. (“Urban Outfitters” or “Company”) (NasdaqGS: URBN). The firms are investigating additional legal claims against the officers and Board of Directors of Urban Outfitters during the period of March 12, 2013 and September 9, 2013 (the “Class Period”).
If you are an affected investor and you want to learn more about the lawsuit or join the action, contact Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 239-4568, or via email at WBriscoe@TheBriscoeLawFirm.com, or Zachary Groover at Powers Taylor LLP, toll free (877) 728-9607, via e-mail at email@example.com. There is no cost or fee to you.
In a recently filed federal class action complaint, Urban Outfitters and certain of its officers and directors were charged with violating certain provisions of the Securities Exchange Act of 1934. Specifically, the complaint alleges that among other things, defendants misrepresented and/or failed to disclose that: (i) Urban Outfitters’ comparable sales growth had significantly declined, particularly in its all-important Urban Outfitters group; (ii) due to the declining sales, Urban Outfitters was forced to offer an additional 30% off all clearance items during Labor Day weekend 2013, which it was not forced to do the previous year on Labor Day weekend; and (iii) as a result of the foregoing, Urban Outfitters was not on track to achieve the financial results defendants had led the market to expect during the Class Period. According to the complaint, when the truth was revealed, Urban Outfitters stock plummeted.
The Briscoe Law Firm, PLLC is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters.Powers Taylor LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.