NEW ORLEANS, Sept. 13, 2022 (GLOBE NEWSWIRE) — ClaimsFiler, a FREE shareholder information service, is reminding investors they have until November 1, 2022 to file lead plaintiff’s motions in a securities class action lawsuit against Kohl’s Corporation KSSif you bought the securities of the Company between October 20, 2020 and May 19, 2022 inclusive (the “Class Period”). This lawsuit is pending in the United States District Court for the Eastern District of Wisconsin.
get help
Kohl’s investors should visit us at https://claimsfiler.com/cases/nyse-kss-1/ or call toll free (844) 367-9658. Kahn Swick & Foti, LLC attorneys are available to discuss your legal options.
About the lawsuit
Kohl’s and certain of its executives are accused of failing to disclose material information during the class-action period in violation of federal securities laws.
On May 19, 2022, the Company reported disappointing first quarter 2022 financial results, including net sales growth and earnings per share below analysts’ expectations and a cut to its full-year earnings guidance due to “macro headwinds related to the overlap of last year’s stimulus and an inflationary consumption environment.” Then, on May 20, 2022, Macellum Advisors GP, LLC, “a long-term holder of nearly 5% of Kohl’s outstanding common stock,” issued a statement, in which it is about “[t]the extremely disappointing results of its quarter,” which it attributed to a “flawed strategic plan and inability to execute,” and that “the current board appears to have withheld from shareholders material information about the state of Kohl’s key annual meeting in the run-up to this year’s annual meeting “, which “suggests to us a clear breach of fiduciary duty”.
On the 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 v. Kohl’s Corporation, et al.No. 22-cv-01016.
About ClaimsFiler
ClaimsFiler has a single mission: to serve as an information resource to help individual investors claim their share of…
