NEW ORLEANS, LA -- (Marketwired) -- 08/19/13 -- Kahn Swick & Foti, LLC ("KSF") and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until October 15, 2013 to file lead plaintiff applications in a securities class action lawsuit against Furniture Brands International Inc. (NYSE: FBN), if they purchased the Company's securities during the period between February 13, 2013 and August 5, 2013, inclusive (the "Class Period"). This action is pending in the United States District Court for the Eastern District of Missouri.
What You May Do
If you purchased shares of Furniture Brands and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, call toll-free at 1-877-515-1850, or email KSF Managing Partner Lewis Kahn (email@example.com) or KSF Partner Melinda Nicholson (firstname.lastname@example.org). If you wish to serve as a lead plaintiff in this class action, you must petition the Court by October 15, 2013.
About the Lawsuit
Furniture Brands and certain of its executives are charged with issuing a series of materially false and misleading statements during the Class Period, violating federal securities laws.
These false statements and omissions included, in part, that: (a) the Company was experiencing weaknesses in its wholesale business; (b) the Company's trade names, including, among others, Thomasville, Broyhill, Lane, and Drexel Heritage, were being carried at inflated values that would require material impairments; and (c) the Company was experiencing severe liquidity issues.
On August 6, 2013, Furniture Brands announced its results for the second quarter of 2013, including a goodwill impairment of over $10.8 million related to trade name impairments. On this news, the Company's stock price fell over 38%.
About Kahn Swick & Foti, LLC
To learn more about KSF, whose partners include the Former Louisiana Attorney General, Charles C. Foti, Jr., and other lawyers with significant experience litigating complex securities class actions nationwide on behalf of both institutional and individual shareholders, you may visit www.ksfcounsel.com.