STEVENSON, Md., Oct. 14, 2013 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Eastern District of Pennsylvania on behalf of purchasers of Urban Outfitters, Inc. ("Urban Outfitters" or the "Company") (Nasdaq:URBN) common stock during the period between March 12, 2013 and September 9, 2013, inclusive (the "Class Period").
If you have suffered a net loss from investment in Urban Outfitters, Inc. common stock purchased on or after March 12, 2013, and held through the revelation of negative information on September 9, 2013, as described below, at no cost to you, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at email@example.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than December 10, 2013 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period that the Company's comparable sales growth had significantly declined, particularly in its all-important Urban Outfitters group, and that as a result of declining sales, the Company was forced to offer an additional discount off all clearance items during Labor Day weekend 2013, something it had not done during the 2012 Labor Day weekend. According to the complaint, following the Company's September 9, 2013 disclosure that its second quarter 2014 financial results were below expectations and that the Company was issuing disappointing third quarter 2014 guidance, the value of Urban Outfitters shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
Charles J. Piven Brower Piven, A Professional Corporation Stevenson, Maryland 410/415-6616