Coco Chanel, Pier 1 and Ann Taylor: Fashion, Fraud or Fun?
Stock Plummets. Who’s to Blame?
When a stock price drops almost 75% in 20 months, it’s not shocking to discover a group of investors filed a lawsuit to recover losses. In August 2019 an appeals court issued an opinion in Municipal Employees’ Retirement System of Michigan v. Pier 1 imports, Inc., et al. The complaint: Pier 1 intentionally failed to timely disclose a substantial price markdown risk with rising inventory levels. During a period when…