Pier 1 Imports, Inc.
Robbins Arroyo LLP Is Investigating the Officers and Directors of Pier 1 Imports, Inc. (PIR) on Behalf of Shareholders
Robbins Arroyo LLP is investigating whether certain officers and directors of Pier 1 Imports, Inc. (NYSE: PIR) breached their fiduciary duties to shareholders. Pier 1 sells decorative home furnishings, furniture, gifts, and related products.
Pier 1 Lowers its Financial Guidance
Robbins Arroyo LLP’s investigation focuses on whether Pier 1’s board of directors breached its fiduciary duties to shareholders by failing to institute adequate financial controls. On February 10, 2015, Pier 1 announced revisions to its financial guidance for the fiscal year ending February 28, 2015. Specifically, Pier 1 disclosed that it expects earnings of $0.80-$0.83 per share, significantly below the previous earning projection of $0.95 to $1.05 per share. Further, Pier 1 noted lower than expected sales in January and cited caution for February sales. In a separate announcement, Pier 1 also announced the sudden retirement of Charles Turner, the Senior Executive Vice President and Chief Financial Officer. On this combined news, shares of Pier 1 fell $4.13 per share, or 24%, to close at $12.84 per share on February 11, 2015.
Pier 1 Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Darnell R. Donahue at (800) 350-6003, or you can complete the form below and we will contact you directly.