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Federal Court Dismisses Pier One Shareholder Suit … Again

On June 25, 2018, a federal judge dismissed a putative class action alleging that Pier 1 Imports and its former CEO and CFO committed securities fraud. “The ruling is a significant victory for a team of Bracewell lawyers that have been defending Pier 1 in this case, one that has now survived two different rounds of motions to dismiss from two different judges,” Natalie Posgate wrote in The Texas Lawbook. “The opinion is also notable because it is one of the first major rulings by U.S. District Judge Karen Gren Scholer since she joined the federal bench in the Northern District of Texas this spring.”

“‘We were pleased with how quickly the court got to the case, got to the oral argument and ruled expeditiously,’ said Bracewell partner Stephen Crain, Pier 1’s lead attorney. ‘It was obvious that it was a case [Judge Scholer] took very seriously.’”

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