Urban Outfitters Misread Trends, Shareholders Say

Law360, New York (April 4, 2011, 8:30 PM EDT) -- Urban Outfitters Inc. was hit with a securities class action Thursday alleging its failure to anticipate fashion trends led management to falsely talk up its future prospects, causing shareholders to take a hit when the clothing retailer reported sluggish sales.

The suit, filed in the U.S. District Court for the Eastern District of Pennsylvania, also names CEO Glen Senk and Chief Financial Officer Eric Artz as defendants. The complaint describes the potential class as shareholders who bought Urban Outfitters stock from Nov. 15, 2010, through March...
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