NEW YORK, Aug. 20, 2013 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed in the United States District Court for the District of Missouri on behalf of all persons or entities who purchased the securities of Furniture Brands International ("Furniture Brands" or the "Company") (NYSE:FBN) between February 13, 2013 and August 5, 2013, seeking remedies under the federal securities laws.
The Complaint alleges Defendants inflated Furniture Brands' stock price during the Class Period by disseminating materially false and misleading statements, and failing to disclose material information known or recklessly disregarded by them, concerning the Company's true financial condition, operation and business prospects. Specifically, throughout the Class Period, the Complaint alleges that Defendants made false and misleading statements and/or failed to disclose that: (a) the Company was experiencing weaknesses in its wholesale business; (b) the Company's trade names were being carried at inflated values that would require material impairments; (c) the Company was experiencing severe liquidity issues; (d) and based upon the above, Defendants lacked a reasonable basis for their positive statements about the Company during the Class Period.
If you wish to serve as lead plaintiff, you must move the Court no later than October 15, 2013. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at firstname.lastname@example.org or email@example.com.
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