2022-09-16 | NYSE: KSS | Press release
NEW ORLEANS, September 16, 2022 /PRNewswire/ — Kahn Swick & Foti, LLC (“KSF”) and KSF Partner, former Attorney General of Louisiana, Charles C. Foti, Jr.remind investors that they have untilNovember 1, 2022 to file lead plaintiff claims in a securities class action lawsuit against Kohl’s Corporation (NYSE: KSS), if they purchased the company’s securities between October 20, 2020 and May 19, 2022, inclusive (the “Class Period”). This action is in progress in United States District Court for the Eastern District of Wisconsin.
What you can do
If you have purchased Kohl’s securities and would like to discuss your legal rights and how this matter may affect you and your right to recover your economic loss, you may, at no obligation or cost to you, contact the Managing Partner from KSF, Lewis Kahn, toll-free. at 1-877-515-1850 or by email (lewis.kahn@ksfcounsel.com), or visit https://www.ksfcounsel.com/cases/nyse-kss/ to learn more. If you wish to act as lead plaintiff in this class action, you must submit a motion to the court in November 1, 2022.
About the trial
Kohl’s and certain of its officers are accused of failing to disclose material information during the Class Period, in violation of federal securities laws.
On May 19, 2022, the company reported disappointing fiscal results for the first quarter of 2022, including net sales growth and earnings per share that fell short of analysts’ expectations, as well as a drop in its full-year profit forecast, due to of “macro headwinds from last year’s stimulus overshoot and an inflationary consumer environment.” Then, on May 20, 2022Macellum Advisors GP, LLC, “a long-term holder of approximately 5% of the outstanding common stock of Kohl’s”, issued a statement addressing “[t]extremely disappointing results for its quarter”, which it attributed to a “flawed strategic plan and an inability to execute it”, and that “the current board of directors appears to have withheld from shareholders important information about the Kohl’s condition heading into this year’s election. crucial annual meeting”, which “suggests to us a clear breach of fiduciary duty.
On this news, Kohl’s shares fell. $5.84 per share, or 12.97%, to close at $39.20 per share on May 20, 2022.
The case is Shanaphy c. Kohls Corporation, et al.no. 22-cv-01016.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s leading securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, fund managers and retail investors – in seeking recoveries for investment losses resulting from corporate fraud or malfeasance by listed companies. KSF has offices in New York, California, Louisiana and New Jersey.
To learn more about KSF, you can visit www.ksfcounsel.com.
Contact:
Kahn Swick & Foti, LLC
Lewis KahnManaging partner
lewis.kahn@ksfcounsel.com
1-877-515-1850
1100 Poydras Street, Suite 3200
New Orleans, LA 70163
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SOURCE Kahn Swick & Foti, LLC
