Glancy Binkow & Goldberg LLP announces that it is investigating potential claims on behalf of purchasers of the common stock of Furniture Brands International, Inc. (“Furniture Brands” or the “Company”) (NYSE:FBN) concerning possible violations of federal securities laws. The investigation focuses on certain statements issued by Furniture Brands between February 13, 2013 and August 5, 2013.
Please contact us at (212) 682-5340, Toll-Free at (888) 773-9224, or at firstname.lastname@example.org to discuss this matter or if you purchased Furniture Brands shares before February 13, 2013. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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.
According to the Company’s annual report for fiscal year 2012, filed March 6, 2013 with the Securities and Exchange Commission on Form 10-K, “lower sales trends, decreases in projected net sales, decreases in royalty rates, or increases in the discount rate would cause impairment charges and a corresponding reduction in our earnings and net worth.” In the fourth quarter of 2012 the Company recorded an impairment charge of approximately $1.4 million, primarily caused by a decrease in projected sales.
Then, on August 6, 2013, the Company announced its financial results for the second quarter of 2013, including $10.8 million of asset impairment charges related to trade name impairments. Following this news, the price of Furniture Brands shares fell more than 38 percent from the previous day's closing price, on heavy trading volume.
If you purchased Furniture Brands common stock between February 13, 2013 and August 5, 2013, if you have information or would like to learn more about these claims, or if you purchased shares before February 13, 2013 and have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, Toll-Free at (888) 773-9224, or contact Gregory Linkh, Esquire, of Glancy Binkow & Goldberg LLP at 122 E. 42nd Street, Suite 2920, New York, New York 10168, at (212) 682-5340, by e-mail to email@example.com, or visit our website at http://www.glancylaw.com. If you inquire by email, please include your mailing address, telephone number and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
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