Faruqi & Faruqi, LLP Encourages Investors Who Suffered Substantial Losses In Excess Of $100,000 Investing In Furniture Brands International, Inc. To Contact The Firm
Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Furniture Brands International, Inc. (“Furniture Brands” or the “Company”) (OTC: FBNIQ) of the October 15, 2013 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain executives.
A complaint has been filed on behalf of all persons who purchased or otherwise acquired Furniture Brands common stock between February 13, 2013 and August 5, 2013.
The complaint alleges that the Company and its executives violated federal securities laws with respect to its disclosures concerning its business, operations, and financial performance.
Specifically, the action alleges that Furniture Brands made false and misleading statements and/or failed to disclose that: (i) the Company had severe liquidity issues; (ii) Furniture Brands had inflated the values of its trade names and thus would be affected by material impairments; and (iii) the Company was suffering from weaknesses in its wholesale business.
On August 6, 2013, Furniture Brands announced financial results for the second quarter, revealing several problems, including its liquidity challenges and trade name impairments. Following this news, the Company’s stock dropped more than 38% .
If you purchased Furniture Brands stock or options between February 13, 2013 and August 5, 2013 and would like to discuss your legal rights, you can contact us by calling Richard Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org or email@example.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Furniture Brands’ conduct to contact the firm, including whistleblowers, former employees, shareholders, and others.
Richard W. Gonnello
Faruqi & Faruqi, LLP
369 Lexington Avenue 10th Floor
New York, NY 10017
Tel: (212) 983-9330
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