Wites
& Kapetan, P.A. is announcing their investigation of Urban
Outfitters, Inc. (Nasdaq: URBN) and a possible class action lawsuit
which may allege that the company and certain of its officers and
directors committed violations of the Securities Exchange Act of 1934.
On September 9, 2013 after the market closed, Urban Outfitters, Inc.
(“Urban Outfitters” or the “Company”) disclosed its second quarter 2013
financial results and commented on third quarter 2014 expectations in a
quarterly financial report filed on Form 10-Q with the SEC. Comparable
sales at the Company’s Urban Outfitters Group had grown only 5.2% in the
2014 second quarter, far less than the growth the Company had led
investors to expect based on prior statements. The Form 10-Q filing also
disclosed that “[t]hus far during the third quarter of fiscal 2014,
comparable Retail segment net sales are mid single-digit positive.”
Following this news, Urban Outfitter’s common stock price declined by
$4.36 per share, more than 10%, on September 10, 2013 to close at $38.35
per share.
Class action lawsuits have already filed against Urban Outfitters on
behalf of investors who purchased shares of Urban Outfitter’s common
stock during the period between March 12, 2013 and September 9, 2013
(the “Class Period”). The complaints allege that during the Class Period
Urban Outfitters and the other defendants concealed from the investing
public that (a) Urban Outfitters’ comparable sales growth had
significantly declined, particularly at its all-important Urban
Outfitters group, (b) as a result of declining sales, Urban Outfitters
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 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.
If you are an investor who purchased Urban Outfitters Common Stock
between March 12, 2013 and September 9, 2013, you may have a legal claim
against the Company and could serve as the lead plaintiff in the case.
If you are interested in being the lead plaintiff, or would like to
speak with an attorney about your legal rights, contact the attorneys at
Wites & Kapetan, P.A. by email at info@wklawyers.com
or toll-free at 1 (866) 277-8631.
Wites & Kapetan, P.A. is a law firm with offices in Oakland, California
and Lighthouse Point, Florida, with expertise in the representation of
investors in securities fraud and investor litigation claims. You may
visit its website at www.wklawyers.com.
Michele Desoer, an attorney at Wites & Kapetan, is a member of the State
Bar of California and is responsible for the content of this
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Copyright Business Wire 2013