|Company:||Urban Outfitters, Inc|
|Class Period:||Mar-12-13 to Sep-9-13|
|Lead Plaintiff Deadline:||Oct-6-15|
|Court:||Eastern District of Pennsylvania|
According to the lawsuit, between March 12, 2013 and September 9, 2013, members of Urban Outfitters' senior management engaged in a fraudulent scheme to artificially inflate the Company' stock price by misrepresenting and concealing information regarding failed product assortments and resulting deceleration in sales growth during the first half of fiscal year 2014, leading up to and including Urban Outfitters' crucial back-to-school season.
On September 9, 2013, after the market had closed, Urban Outfitters filed its quarterly report on Form 10-Q where it disclosed for the first time that the Company' sales growth had fallen. After the Company disclosed this news, stock analysts were stunned and the Company' stock price fell more than 10% closing at $38.35 per share on September 10, 2013. As a result of this fraud, shareholders suffered millions in losses.
As a result of the foregoing news, on October 11, 2013, an Urban Outfitters shareholder represented by another law firm filed a class action complaint against Urban Outfitters for securities fraud. The complaint was filed in the United States District Court, Eastern District of Pennsylvania, Case No. 2:13-cv-05978.
If you acquired the securities of the defendants during the Class Period you may, no later than the Lead Plaintiff Deadline shown above, request that the Court appoint you as lead plaintiff through counsel of your choice. You may also choose to remain an absent class member. A lead plaintiff must meet certain requirements.