Urban Outfitters Inc (NASDAQ: URBN) Investor Securities Class Action Lawsuit 10/11/2013

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Company Name(s): 
Urban Outfitters
Case Name: 
Urban Outfitters Shareholder Class Action Lawsuit 10/11/2013
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Approved
Affected Securities
NASDAQ: URBN
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
10/11/2013
Class Period Begin: 
03/12/2013
Class Period End: 
09/09/2013
Court of Filing: 
U.S. District Court for the Eastern District of Pennsylvania
Deadline To File for Lead: 
12/10/2013
Date Settled: 
06/14/2016
Settlement Amount: 
$8,500,000
Deadline to Participate in Settlement: 
10/24/2016
Summary: 

October 31, 2016 - The court approved the settlement.

June 14, 2016 - The court preliminarily approved the settlement.

June 8, 2016 - Parties filed a stipulation of settlement.

May 4, 2015 - The court denied the defendants' motion to dismiss.

May 9, 2014 - Defendants filed a motion to dismiss.

March 10, 2014 - The plaintiff filed an amended complaint.

January 7, 2014 - The lead plaintiff and lead counsel were appointed.

October 11, 2013 - An investor in shares of Urban Outfitters Inc (NASDAQ: URBN) filed a lawsuit 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.

Urban Outfitters Inc reported that its Total Revenue rose from over $2.47 billion for the 12 months period that ended on January 31, 2012, to over $2.79 billion for the 12 months period that ended on Jan. 31, 2013 and that its respective Net Income increased from $185.25 million to $237.31 million.

Shares of Urban Outfitters Inc (NASDAQ: URBN) rose from $25.62 per share in July 2012 to as high as $44.54 per share in May 2013, respectively $43.7 per share in August 2013.

Then on September 9, 2013, Urban Outfitters Inc (NASDAQ: URBN) announced its second quarter 2014 financial results and commented on third quarter 2014 expectations.

Shares of Urban Outfitters Inc (NASDAQ: URBN) declined from $42.76 per share on September 9, 2013, to as low as $35.06 per share on October 8, 2013.