Oct 07, 2022, 22:50 ET
NEW ORLEANS, Oct. 7, 2022 /PRNewswire/ — ClaimsFiler, a FREE shareholder information service, reminds investors that they have until November 1, 2022 to file lead plaintiff applications 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 pending in the United States District Court for the Eastern District of Wisconsin.
Kohl’s investors should visit us at https://claimsfiler.com/cases/nyse-kss-1/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.
Kohl’s and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On May 19, 2022, the Company disclosed disappointing 1Q2022 fiscal results including net sales growth and earnings per share below analyst expectations, as well as a cut to its full year earnings forecast, due to “macro headwinds related to lapping last year’s stimulus and an inflationary consumer environment.” Then, on May 20, 2022, Macellum Advisors GP, LLC, “a long-term holder of nearly 5% of the outstanding common shares of Kohl’s,” issued a statement addressing “[t]his quarter’s extremely disappointing results,” which it attributed to a “flawed strategic plan and an inability to execute,” and that “the current Board appears to have withheld material information from shareholders about the state of Kohl’s in the lead-up to this year’s pivotal annual meeting,” which “suggests to us a clear breach of fiduciary duty.”
On this news, shares of Kohl’s declined $5.84 per share, or 12.97%, to close at $39.20 per share on May 20, 2022.
The case is Shanaphy v. Kohl’s Corporation, et al., No. 22-cv-01016.
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