A settlement was reached with the defendants in the lawsuit filed on behalf of certain investors of Urban Outfitters Inc (NASDAQ:URBN) over alleged securities laws violations and a deadline to submit the settlement claim is upcoming on October 24, 2016 and NASDAQ:URBN investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 10/21/2016 -- The Shareholders Foundation announced that a deadline is coming up on October 24, 2016 in the settlement reached in the securities class action lawsuit filed on behalf of investors who purchased shares of Urban Outfitters Inc (NASDAQ:URBN) between March 12, 2013 and September 9, 2013.
Investors who purchased a significant amount of shares of Urban Outfitters Inc (NASDAQ:URBN) between March 12, 2013 and September 9, 2013, have certain options and should contact the Shareholders Foundation by email at mail@shareholdersfoundation.com or call 858-779-1554.
The settlement proof of claim form or detailed settlement notice for the settlement in the Urban Outfitters Inc (NASDAQ:URBN) Investor Securities Class Action Lawsuit can be downloaded at: http://shareholdersfoundation.com/case/urban-outfitters-inc-nasdaq-urbn-investor-securities-class-action-lawsuit-10112013
In order to submit a claim an investor has to submit the claim proof to the class action claim administrator in a timely manner. The deadline to submit the proof with the class administrator is October 24, 2016. The class action administrator for this case is Epiq Class Action & Claims Solutions Inc.
The lawsuit was originally filed in the U.S. District Court for the Eastern District of Pennsylvania against Urban Outfitters Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between March 12, 2013 and September 9, 2013.
According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased or otherwise acquired Urban Outfitters Inc (NASDAQ:URBN) between March 12, 2013 and September 9, 2013, that Urban Outfitters Inc and certain of its officers and directors violated the federal securities laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
More specifically, the plaintiff claims that between March 12, 2013 and September 9, 2013 defendants issued materially allegedly false and misleading statements regarding Urban Outfitters Inc's financial performance and future prospects and/or failed to disclose that Urban Outfitters Inc's comparable sales growth had significantly declined, particularly in its all-important Urban Outfitters group, that as a results of declining sales, Urban Outfitters Inc 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 that as a result of the foregoing, Urban Outfitters Inc was not on track to achieve the financial results defendants had led the market to expect March 12, 2013 and September 9, 2013.
Those who purchased shares of Urban Outfitters Inc have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com