Class action suits filed against Francesca’s
New York – At least three law firms and a settlement claims filing service have filed class action suits on behalf of purchasers of Francesca's Holdings Corporation common stock during the period between March 20, 2013 and September 3, 2013. Suits filed by law firms Morgan & Morgan, Federman & Sherman, and Ryan and Maniskas, LLP, as well as by The Shareholders Foundation, Inc., in the District Court for the Southern District of New York allege violations of federal securities laws in regard to poor second quarter financial results released on Sept. 4, 2013.
The poor results caused Francesca's Holdings shares to lose nearly 25% of their value. In addition, the law firm of Harwood Feffer LLP is investigating potential claims against the board of directors of Francesca's Holdings Corporation concerning whether the board has breached its fiduciary duties to shareholders.