NEW YORK, Aug. 30, 2013 (GLOBE NEWSWIRE) -- The Rosen Law Firm reminds purchasers of Furniture Brands International, Inc. (OTC:FBNI) stock between February 13, 2013 and August 5, 2013, of the important October 15, 2013 lead plaintiff deadline.
To join the FBN class action, go to the website at http://rosenlegal.com or call Phillip Kim, Esq. or Jonathan Horne, Esq. toll-free at 866-767-3653 or email firstname.lastname@example.org or email@example.com for information on the class action.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
According to the lawsuit, defendants caused FBN to issue materially false and misleading statements about FBN's business and financial condition in violation of the federal securities laws. Specifically, defendants materially misstated and/or failed to disclose that (a) FBN was experiencing weaknesses in its wholesale business; (b) FBN's trade names were being carried at inflated values that would require material impairments; (c) FBN was experiencing severe liquidity issues; (d) and based upon the above, the defendants lacked a reasonable basis for their positive statements about FBN during the Class Period.
On August 6, 2013, before the financial markets opened, FBN announced its second quarter results, disclosing material impairments. FBN also announced that it would need to address liquidity challenges and improve business performance. In reaction to the disappointing news, Furniture Brand's stock price fell $0.84 per share or 38.0% from $2.21 per share on August 5, 2013 to $1.37 per share on August 6, 2013
A class action lawsuit has already been filed on behalf of FBN investors. If you wish to serve as lead plaintiff, you must move the Court no later than October 15, 2013. If you wish to join the litigation or to discuss your rights or interests regarding this class action, please contact, Phillip Kim, Esq. or Jonathan Horne, Esq. of The Rosen Law Firm toll free at 866-767-3653 or via e-mail at firstname.lastname@example.org or email@example.com.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions.
CONTACT: Laurence Rosen, Esq. Phillip Kim, Esq. Jonathan Horne, Esq. The Rosen Law Firm P.A. Tel: (212) 686-1060 Toll Free: 1-866-767-3653 Fax: (212) 202-3827 275 Madison Avenue, 34th Floor New York, New York 10016 firstname.lastname@example.org email@example.com firstname.lastname@example.org www.rosenlegal.comSource: The Rosen Law Firm PA PC