The Shareholders Foundation announces that an investigation on behalf of current long-term investors in shares of Urban Outfitters, Inc. (NASDAQ:URBN) is ongoing concerning whether certain directors and officers of Urban Outfitters, breached their fiduciary duties in connection with certain statements made between March 12, 2013 and September 9, 2013.
Investors who are current long term investors in Urban Outfitters, Inc. (NASDAQ:URBN) shares, have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 – 1554.
The investigation by a law firm for current long term investors in Urban Outfitters, Inc. (NASDAQ:URBN) stocks follows a recently filed lawsuit against Urban Outfitters, Inc. over alleged securities laws violations. The investigation on behalf of current long term investors in NASDAQ:URBN stocks concerns whether certain Urban Outfitters officers and directors are liable in connection with the allegations made in that lawsuit.
According to that complaint filed in the U.S. District Court for the Eastern District of Pennsylvania the plaintiff alleges that Urban Outfitters, Inc. violated the federal securities laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
More specifically, the plaintiff claims that between March 12, 2013 and September 9, 2013 defendants issued 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.
On September 9, 2013, Urban Outfitters, Inc. announced its second quarter 2014 financial results and commented on third quarter 2014 expectations. Shares of Urban Outfitters, Inc. (NASDAQ:URBN) declined from $42.76 per share on September 9, 2013, to as low as $35.06 per share on Oct. 8, 2013.
Those who purchased shares of Urban Outfitters, Inc. have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739