SOURCE: Brower Piven, A Professional Corporation

April 07, 2011 17:19 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $250,000 From Investment in Urban Outfitters, Inc. to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the May 31, 2011 Lead Plaintiff Deadline

STEVENSON, MD--(Marketwire - Apr 7, 2011) - 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 the common stock of Urban Outfitters, Inc. ("Urban Outfitters" or the "Company") (NASDAQ: URBN) during the period between November 15, 2010 and March 7, 2011, inclusive (the "Class Period").

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 May 31, 2011 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. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.

The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period that the Company was not managing an emerging shift in fashion trends due to the Company's inventories increasing materially more than sales and that sales at the Company's Urban Outfitters store and Anthropologie division were materially declining due to lack of customer demand, especially for women's apparel that forced the Company to mark down the price of inventory which materially adversely affected the Company's margins and financial results for the quarter ended January 31, 2011. According to the complaint, after, on March 7, 2011, the Company disclosed financial results for the quarter ended January 31, 2011, including lower than expected earnings, a material decline in gross profit margins primarily due to increased merchandise markdowns to clear seasonal inventory associated with changing women's apparel fashion trends, and a significant increase in inventories, the value of Urban Outfitters shares declined significantly.

If you have suffered a net loss for all transactions in Urban Outfitters, Inc. common stock during the Class Period, 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 hoffman@browerpiven.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. 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.

Contact Information

  • CONTACT:
    Charles J. Piven
    Brower Piven, A Professional Corporation
    Stevenson, Maryland
    410/415-6616
    Email Contact