Robbins Geller Defeats Urban Outfitters’ Motion to Dismiss Securities Fraud Claims
On May 4, 2015, Judge Restrepo denied defendants’ motion to dismiss the complaint in a securities fraud class action against Urban Outfitters, Inc. (“Urban”) and several of its senior executive officers, including the CEO and CFO. The complaint alleges that during the class period, defendants engaged in a fraudulent scheme to artificially inflate the stock price by misrepresenting and concealing information related to failed product assortments and the resulting deceleration in sales growth during the first half of fiscal year 2014, leading up to and including Urban’s back-to-school season. In denying the motion to dismiss in its entirety, the court rejected defendants’ challenges to virtually every element of the claims.
Robbins Geller is serving as lead counsel in this case. A copy of the order can be viewed here.