This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Wites & Kapetan, P.A. Investigates Filing Class Action Lawsuit Against Urban Outfitters

Wites & Kapetan, P.A. is announcing their investigation of Urban Outfitters, Inc. (Nasdaq: URBN) and a possible class action lawsuit which may allege that the company and certain of its officers and directors committed violations of the Securities Exchange Act of 1934. On September 9, 2013 after the market closed, Urban Outfitters, Inc. (“Urban Outfitters” or the “Company”) disclosed its second quarter 2013 financial results and commented on third quarter 2014 expectations in a quarterly financial report filed on Form 10-Q with the SEC. Comparable sales at the Company’s Urban Outfitters Group had grown only 5.2% in the 2014 second quarter, far less than the growth the Company had led investors to expect based on prior statements. The Form 10-Q filing also disclosed that “[t]hus far during the third quarter of fiscal 2014, comparable Retail segment net sales are mid single-digit positive.” Following this news, Urban Outfitter’s common stock price declined by $4.36 per share, more than 10%, on September 10, 2013 to close at $38.35 per share.

Class action lawsuits have already filed against Urban Outfitters on behalf of investors who purchased shares of Urban Outfitter’s common stock during the period between March 12, 2013 and September 9, 2013 (the “Class Period”). The complaints allege that during the Class Period Urban Outfitters and the other defendants concealed from the investing public that (a) Urban Outfitters’ comparable sales growth had significantly declined, particularly at its all-important Urban Outfitters group, (b) as a result 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 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.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs