Urban Outfitters Hit With Securities Class Action

Law360, Philadelphia (October 11, 2013, 7:07 PM EDT) -- Urban Outfitters Inc. was hit with a shareholder class action in Pennsylvania federal court Friday alleging the retailer misled investors about its financial performance, failing to disclose its declining sales in recent months.

The suit alleges that the Philadelphia-based company violated the Securities Exchange Act of 1934 by not disclosing to stock purchasers that fiscal year 2014 sales were not rising at the anticipated rate and that it was relying on discounts, making it unlikely that it would meet expected financial targets.

“When the true facts...
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