SHAREHOLDER ALERT: Brower Piven Informs Investors With Substantial Losses from Investment in Furniture Brands International, ...
20 September 2013 - 8:50AM
Business Wire
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 Missouri on behalf of purchasers
of Furniture Brands International, Inc. (“Furniture Brands” or the
“Company”) (OTC: FBNIQ) common stock during the period between
February 13, 2013 and August 5, 2013, inclusive (the “Class
Period”).
If you have suffered a net loss from investment in Furniture
Brands International, Inc. common stock purchased on or after
February 13, 2013, and held through the revelation of negative
information on August 6, 2013, as described below, at no cost to
you, 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.
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 October 15, 2013 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.
The complaint accuses the defendants of violations of the
Securities Exchange Act of 1934 by virtue of the defendants’
failure to disclose during the Class Period that the Company was
experiencing weaknesses in its wholesale business, that the
Company’s trade names were being carried at inflated values that
would require material impairments, and that the Company was
experiencing severe liquidity issues. According to the Complaint,
following the Company’s August 6, 2013 disclosure that the Company
would need to address liquidity challenges and improve business
performance by implementing strategic initiatives to achieve cost
reductions, pursuing asset sales and working with its lenders to
potentially modify its credit facilities, the value of Furniture
Brands shares declined significantly.
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.
Brower Piven, A Professional CorporationStevenson,
MarylandCharles J. Piven, 410-415-6616hoffman@browerpiven.com