PHILADELPHIA, Oct. 15, 2013 (GLOBE NEWSWIRE) -- Law Offices Bernard M. Gross, P.C. filed a class action lawsuit in the United States District Court, Eastern District of Pennsylvania, 13cv5978, on behalf purchasers of common stock of Urban Outfitters (Nasdaq: URBN ) between March 12, 2013 and September 9, 2013, inclusive (the "Class Period"), pursuing remedies under the Securities Exchange Act of 1934.
If you wish to serve as lead plaintiff, you must move the Court by December 10, 2013. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel, Deborah R. Gross or Susan R. Gross at 866-561-3600 or 215-561-3600 or via email at debbie@bernardmgross.com or susang@bernardmgross.com . The firm has expertise in prosecuting class actions alleging violations of the federal securities laws. Any person who purchased the common stock of Urban Outfitters during the Class Period may move the Court to serve as lead plaintiff through counsel of his choice, or may choose to do nothing and remain an absent class member.
The complaint alleges that, during the Class Period, defendants issued materially false and misleading statements regarding the Company's financial performance and future prospects and/or failed to disclose the following adverse facts regarding Urban Outfitters: (a) that comparable sales growth had significantly declined, particularly in its all-important Urban Outfitters group; (b) as a results of declining sales, it 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 (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.
On September 9, 2013, the Company disclosed its second quarter 2014 financial results and commented on third quarter 2014 expectations, reporting that comparable sales at the Company's important Urban Outfitters Group had grown only 5.2% in the 2014 second quarter -- far less than the 9% defendants' comments had led the investment community to expect -- and that 2014 second quarter markdowns had resulted in a "lower average unit selling price," lowering overall sales revenues and profits. On this news, the price of Urban Outfitters common stock, which had traded above $44 per share in intraday trading during the Class Period, fell approximately 13% closing at $38.35 per share on September 10, 2013, erasing more than $837 million in market capitalization. During the Class Period, prior to the disclosure, several of the Individual Defendants sold shares of stock.
If you wish to discuss this action or have any questions concerning this Notice or rights or interests with respect to these matters,
| PLEASE CONTACT: | Law Offices Bernard M. Gross, P.C. | |
| Susan R. Gross, Esq. | ||
| Deborah R. Gross, Esq. | ||
| Telephone: 866-561-3600 (toll free) or 215-561-3600 | ||
| E-mail: | susang@bernardmgross.com or | |
| debbie@bernardmgross.com . | ||
| Website: http://www.bernardmgross.com | ||
