Company Website:
http://www.powerstaylor.com
DALLAS -- (Business Wire)
Former United States Securities and Exchange Commission attorney Willie
Briscoe, founder of The
Briscoe Law Firm, PLLC, and the securities litigation firm of Powers
Taylor, LLP announce that a federal class action lawsuit has been
filed against Family Dollar Stores, Inc. (“Family Dollar” or “Company”)
(NYSE: FDO). The firms are investigating additional legal claims against
the officers and Board of Directors of Family Dollar during the period
of October 3, 2012 to January 2, 2013 (the “Class Period”).
If you are an affected investor and you want to learn more about the
lawsuit or join the action, contact Willie Briscoe at The Briscoe Law
Firm, PLLC, (214) 706-9314, or via email at WBriscoe@TheBriscoeLawFirm.com,
or Zachary Groover at Powers Taylor, LLP, toll free (877) 728-9607, via
e-mail at zach@powerstyalor.com.
There is no cost or fee to you.
In a recently filed federal class action complaint, Family Dollar and
certain of its officers and directors were charged with violating
certain provisions of the Securities Exchange Act of 1934. Specifically,
the complaint alleges that among other things, defendants’
misrepresented and/or failed to disclose that: (a) the Company’s
intentional efforts to increase sales of certain consumables to better
compete with particular competitors significantly diminished profits in
the first quarter of 2013 and in December 2012; (b) significant price
cuts made in an attempt to move unsalable items diminished profits for
the first quarter of 2013 and December 2012; (c) the Company’s sales of
more profitable items significantly underperformed expectations in the
first quarter of 2013 and during December 2012; (d) inflated inventories
in stores would significantly weigh down profitability in 2013; (e)
despite defendants’ press releases on November 20, 2012 and December 24,
2012, the stores would actually be open in an attempt to boost declining
sales; and (f) based on the above, defendants lacked a reasonable basis
for their positive statements regarding the Company’s sales and
profitability during the Class Period. According to the complaint, when
the true facts were discovered, the price of Family Dollar stock fell
significantly.
Shareholder rights attorney Willie Briscoe said, “Recent revelations
about alleged improper business practices and procedures regarding key
aspects of Family Dollar’s business and other misleading financial
statements have prompted the firms to investigate possible breaches of
fiduciary duties and other violations of state law by Family Dollar’s
officers and directors. Based on our investigation, we are prepared to
pursue litigation to preserve the company and the value of Family Dollar
stock for all shareholders.”
The
Briscoe Law Firm, PLLC is a full service business litigation,
commercial transaction, and public advocacy firm with more than 20 years
of experience in complex litigation and transactional matters.
Powers
Taylor, LLP is a boutique litigation law firm that handles a variety
of complex business litigation matters, including claims of investor and
stockholder fraud, shareholder oppression, shareholder derivative suits,
and security class actions.
Contacts:
The Briscoe Law Firm, PLLC
Willie Briscoe, 214-706-9314
WBriscoe@TheBriscoeLawFirm.com
or
Powers
Taylor, LLP
Zachary Groover, 877-728-9607
zach@powerstyalor.com
Source: Powers Taylor, LLP