BENSALEM, Pa.---Law Offices of Howard G. Smith announces that a class action lawsuit has been filed in the United States District Court for the Eastern District of Missouri on behalf of a class (the “Class”) comprising all purchasers of the common stock of Furniture Brands International, Inc. (“Furniture Brands” or the “Company”) (NYSE:FBN) between February 13, 2013 and August 5, 2013, inclusive (the “Class Period”).
Furniture Brands engages in designing, manufacturing, sourcing and retailing home furnishings in the United States and internationally. The Company’s trade names include, among others, Thomasville, Broyhill, Lane, Drexel Heritage, and Henredon. The Company carries its trade names on its books as assets, which are tested annually for impairment by comparing the carrying value and fair value of each trade name to determine the amount, if any, of impairment.
The Complaint alleges that during the Class Period defendants issued false and misleading statements or failed to disclose that: (1) the Company was experiencing weaknesses in its wholesale business; (2) the Company’s trade names were being carried at inflated values that would require material impairments; (3) the Company was experiencing severe liquidity issues; (4) and based on the foregoing, the defendants lacked a reasonable basis for their positive statements about the Company during the Class Period.
No class has yet been certified in this action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased Furniture Brands shares during the Class Period, you have certain rights, and have until October 15, 2013 to move for lead plaintiff status. To be a member of the class you need not take any action at this time or you may retain counsel of your choice.
If you purchased Furniture Brands stock prior to the Class Period and have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to [email protected], or visit our website at http://www.howardsmithlaw.com.
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