Fifth Circuit Puts Pier 1 Shareholder Suit to Bed

The U.S. Court of Appeals for the Fifth Circuit ended a significant shareholder action against Pier 1 Imports Monday, not with a bang, but a quote from Coco Chanel.

“Fashion changes, but style endures.”

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.