Have you lost money on investments in Kohl’s? If so, please see Kohl’s Corporation Shareholder Class Action Lawsuit or contact Pierre Allocco at (212) 951-2030 or pallocco@bernlieb.com to discuss your rights.
NEW YORK, Sept. 27, 2022 (GLOBE NEWSWIRE) — Bernstein Liebhard LLP, a nationally recognized investor rights law firm, reminds investors of the deadline to file a motion as lead plaintiff in the of a securities class action lawsuit that was filed on behalf of investors who purchased or acquired the securities of Kohl’s Corporation (“Kohl’s” or the “Company”) (NYSE: KSS) between October 20, 2020 and May 19, 2022, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the Eastern District of Wisconsin and alleges violations of the Securities Exchange Act of 1934.
Kohl’s is an American retail company that offers branded clothing, footwear, accessories, beauty and home products through its stores and website.
In October 2020, Kohl’s announced that it had entered into a new strategic framework to “drive revenue growth”, “increase operating margin” and become “the most trusted style retailer of choice”. active and relaxed lifestyle” (the “Strategic Planner”).
Plaintiff alleges that Defendants made materially false and misleading statements throughout the Class Period. Specifically, the plaintiff alleges that the defendants failed to disclose, among others, that: (i) Kohl’s strategic plan was not well suited to achieving the company’s stated objectives; (ii) the defendants exaggerated the company’s success in executing its strategic plan; and (iii) Kohl’s had deficient disclosure controls and procedures, internal control over financial reporting, and corporate governance mechanisms.
On May 19, 2022, Kohl’s issued a press release announcing the company’s results for the first quarter of 2022, noting, among other things, that net sales were only expected to grow by 1% (vs. the Wall Street consensus growth of 1.94%), earnings per share of $0.11 ($0.59 missing estimates), revenue that barely exceeded expectations, and the decision of the company to reduce its full-year earnings forecast. These results conflicted with the defendants’ representations regarding the successful execution of the company’s strategic plan, which was intended to drive revenue growth and position the company for long-term success.
Then, on May 20, 2022, Macellum Advisors GP, LLC (“Macellum”), “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 Macellum attributed to a “flawed strategic plan and an inability to execute it”. Macellum also said that “the current board of directors appears to have withheld material information about the state of Kohl’s from shareholders in the run-up to this year’s pivotal annual meeting,” which “suggests to us a clear violation of ‘fiduciary duty’.
On this news, Kohl’s stock price fell $5.84 per share, or 12.97%, to close at $39.20 per share on May 20, 2022.
If you wish to act as the main plaintiff, you must apply to the court no later than November 1, 2022. A lead plaintiff is a representative party acting on behalf of the other class members to direct the litigation. Your ability to participate in any recovery does not require you to serve as the primary plaintiff. If you choose to do nothing, you can remain an absent member of the group.
If you have purchased Kohl’s securities, and/or wish to discuss your legal rights and options please visit Kohl’s Corporation Shareholder Class Action Lawsuit or contact Pierre Allocco at (212) 951-2030 or pallocco@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the firm has been retained by some of the nation’s largest public and private pension funds to oversee their assets and bring lawsuits on their behalf. Following its success in hundreds of lawsuits and class actions, the firm has been named to the National Law Journal’s “plaintiffs list” thirteen times and listed in The Legal 500 for ten consecutive years.
LAWYER ADVERTISING. © 2022 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. Past results do not guarantee or predict a similar outcome with respect to any future matter.
Contact information:
Pierre Allocco
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
pallocco@bernlieb.com
