If you have purchased shares of Urban Outfitters, Inc. (NASDAQ:URBN) between March 12, 2013 and September 9, 2013, call 1-800-934-2921 right now to protect your rights.
Filing deadline: 12/10/2013
The investor has initiated a class action lawsuit, and other plaintiffs who purchased shares of URBN may be eligible to join the lawsuit. The class period for the lawsuit began on March 12, 2013, and the class period ended on October 9, 2013. The complaint has alleged that all securities sold to people or entities from March 12, 2013 to September 9, 2013 were in violation of federal securities laws and the Securities Exchange Act of 1934.
The statements issued by URBN within this time period were also false and misleading for a couple of reasons. The plaintiffs assert that the statements mislead outsiders as to the financial performance and potential profitability of the company for the fiscal year. In addition, certain important information was omitted from financial statements offered to investors. Urban Outfitters failed to disclose the decline of its sales growth to investors. Investors were also never made aware of certain extra sales measures that Urban Outfitters was forced to take as a result of its poor financial condition. During Labor Day weekend in 2013, the store was forced to offer an additional 30 percent off of clearance items. Urban Outfitters did not recover after this sale and also was not achieving the financial results expected by investors.
For the 12-month period ending on January 31, 2012, URBN reported that its Total Revenue had rose from $2.47 billion to $2.79 billion. In addition, URBN reported that its Net Income had increased from $185.25 million to $237.31 million.
It seems that URBN shares also experienced artificial inflation from July 212 to May 2013. During this time period, the shares rose from $25.62 per share to $44.54 per share. On October 8, 2013, the shares decreased to a value as low as $35.06 per share.
Those who are interested in learning more about the lawsuit or purchased URBN shares should get in touch with our lawyers.
Own shares of Urban Outfitters, Inc. (NASDAQ:URBN)? Contact us to protect your rights.
If you have purchased shares of Urban Outfitters, Inc. (NASDAQ:URBN) between March 12, 2013 and September 9, 2013, call 1-800-934-2921 right now to protect your rights. Complete the form on this page or call attorney Bill Kyros at 1-800-934-2921 right now to protect your rights.