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Fifth Circuit Puts Pier 1 Shareholder Suit to Bed

Bracewell’s Stephen Crain, chair of the firm’s litigation section, discussed with Natalie Posgate of The Texas Lawbook the US Court of Appeals for the Fifth Circuit ending a significant shareholder action against Pier 1 Imports.

A three-judge, unanimous panel ruled that a Dallas federal judge rightfully dismissed a class action lawsuit brought by a group of Pier 1 investors because they failed to prove that the Fort Worth-based retailer committed securities fraud.

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