SAN DIEGO, Nov. 10, 2015 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit pending in Pennsylvania on behalf of certain purchasers of shares of Urban Outfitters, Inc. (NASDAQ:URBN) over alleged Securities Laws Violations by Urban Outfitters, Inc. will proceed.
Investors who purchased shares of Urban Outfitters, Inc. (NASDAQ:URBN) in March 2013 or earlier and continue to hold any of those NASDAQ: URBN shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
On September 9, 2013, Urban Outfitters disclosed its second quarter 2014 financial results and commented on third quarter 2014 expectations.
On October 11, 2013 a lawsuit was filed against Urban Outfitters, Inc over alleged securities laws violations. The plaintiff claimed that defendants issued certain materially allegedly false and misleading statements regarding Urban Outfitters Inc’s financial performance and future prospects and/or failed to disclose that Urban Outfitters Inc’s comparable sales growth had significantly declined, particularly in its all-important Urban Outfitters group, that as a results of declining sales, Urban Outfitters Inc 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 year Labor Day weekend, and that as a result of the foregoing, Urban Outfitters Inc was not on track to achieve the financial results defendants had led the market to expect March 12, 2013 and September 9, 2013. The plaintiff alleged that comparable sales at Urban Outfitters’ important Urban Outfitters Group had grown only 5.2% in the 2014 second quarter, which is far less than the 9% defendants’ comments had allegedly led the investment community to expect and that defendants also issued disappointing third quarter guidance on September 9, 2013.
In March 2014 an amended complaint was filed by the plaintiff and in May 2014 the defendants filed their motion to dismiss the case. However, in May 2015 the judge presiding over the case denied the request by Urban Outfitters to dismiss the case.
Those who purchased Urban Outfitters, Inc. (NASDAQ:URBN) shares in March 2013 or earlier and continue to hold any of those NASDAQ URBN shares have certain options and should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.