Scienter Not Sufficiently Pleaded In Pier 1 Stock Drop Suit, Panel Rules

Mealey's (August 21, 2019, 2:39 PM EDT) -- NEW ORLEANS — A federal district court did not err in dismissing a shareholder class action lawsuit against home furnishings retailer Pier 1 Imports Inc. and two of its former senior executives because the lead plaintiff’s amendments to its complaint failed to cure the scienter pleading deficiencies that had led the district court to previously dismiss the lead plaintiff’s earlier-filed consolidated complaint, a Fifth Circuit U.S. Court of Appeals panel ruled Aug. 19 (Municipal Employees’ Retirement System of Michigan v. Pier 1 Imports Inc., et al., No. 18-10998, 5th Cir., 2019 U.S. App. LEXIS 24660)....