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Urban Outfitters

Settlement of Schwartz v. Urban Outfitters, Inc., et al.
Civil Action No. 13-5978

The parties have reached a settlement of this action, pending in the United States District Court for the Eastern District of Pennsylvania. The settlement provides for the payment of $8,500,000.00 in cash for the benefit of eligible Class Members. Plaintiffs alleged that Defendants violated §§10(b) and 20(a) of the Securities Exchange Act of 1934 by making a series of materially false and misleading statements and omissions concerning failed product assortments and resulting deceleration in sales growth at Urban Outfitters’ flagship brand.

The Class consists of all Persons who purchased or otherwise acquired Urban Outfitters, Inc. (“Urban”) common stock between March 12, 2013 and September 9, 2013, inclusive, and held such stock until at least September 9, 2013. Excluded from the Class are: Urban, its officers and directors during the Class Period, members of their immediate families and their legal representatives, heirs, successors or assigns or any entity in which Urban or an Individual Defendant has a controlling interest. Also excluded from the Class is any Class Member that validly and timely requests exclusion in accordance with the requirements set by the Court.

The settlement was preliminarily approved by the Court on June 14, 2016. The Court granted final approval on October 31, 2016.

Distribution of the Net Settlement Fund to Authorized Claimants commenced on May 10, 2017.  If you receive a check, please promptly cash or deposit it.  Please be advised that the Court-approved Plan of Allocation provides that Authorized Claimants whose pro-rata distribution amounts are less than $10.00 are not eligible to receive a payment from the Net Settlement Fund and will not be receiving a distribution check.

If you have any questions about the settlement or the litigation, please contact Rick Nelson at 1-800-449-4900.

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