The Rosen Law Firm Announces Investigation of Furniture Brands, Inc. - FBN
The Rosen Law Firm Announces Investigation of Furniture Brands, Inc. - FBN
NEW YORK--(BUSINESS WIRE)-- The Rosen Law Firm announces that it is investigating potential securities fraud claims against Furniture Brands, Inc. (NYS: FBN) resulting from allegations that the Company may have fraudulently overstated the value of its trade name.
FBN carries its trade name on its books as an asset. FBN determines its trade name's value by carrying out tests in the fourth quarter of its calendar fiscal year. In its 2012 10-K, filed March 6, 2013, FBN carried its trade name on its books at a value of about $76 million (out of about $618 of total assets), after an impairment of about $1.1 million from the test it had run in the fourth quarter of 2012.
Between July 17, 2013, and August 2, 2013, FBN's Chief Executive Officer and his wife sold about 250,000 FBN shares, for proceeds of about $675,000, including over 140,000 shares sold on August 1-2 for about $325,000.
Then, on August 6, FBN announced its results for the second quarter of 2013. FBN reported that it had recorded a goodwill impairment of over $10.8 million. That day, FBN's stock price fell by 38%, damaging investors.
The Rosen Law Firm is investigating a securities class action lawsuit on behalf of FBN investors. If you purchased FBN stock before August 6, 2013, please visit the website at http://rosenlegal.com for more information. You may also contact Jonathan Horne, Esq., or Phillip Kim, Esq. of The Rosen Law Firm toll free at 866-767-3653 or via e-mail at jhorne@rosenlegal.com or pkim@rosenlegal.com.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.
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Laurence Rosen, Esq.
Phillip Kim, Esq.
Jonathan Horne, Esq.
The Rosen Law Firm P.A.
275 Madison Avenue 34th Floor
New York, New York 10016
Tel: (212) 686-1060
Weekend Tel: (917) 562-8616
Toll Free: 1-866-767-3653
Fax: (212) 202-3827
lrosen@rosenlegal.com
pkim@rosenlegal.com
jhorne@rosenlegal.com
www.rosenlegal.com
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