openPR Logo
Press release

Lawsuit filed for Investors in Kohl's Corporation (NYSE: KSS) over alleged Securities Laws Violations

09-13-2022 05:23 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

A lawsuit was filed on behalf of investors in Kohl's Corporation (NYSE: KSS) shares over alleged securities laws violations.

A lawsuit was filed on behalf of investors in Kohl's Corporation (NYSE: KSS) shares over alleged securities laws violations.

An investor, who purchased shares of Kohl's Corporation (NYSE: KSS), filed a lawsuit over alleged violations of Federal Securities Laws by Kohl's Corporation in connection with certain allegedly false and misleading statements.

Investors who purchased shares of Kohl's Corporation (NYSE: KSS) have certain options and for certain investors are short and strict deadlines running. Deadline: November 1, 2022. NYSE: KSS investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

Menomonee Falls, WI based Kohl's Corporation operates as a retail company in the U.S. The Company offers branded apparel, footwear, accessories, beauty, and home products through its stores and website.
In October 2020, Kohl's Corporation announced that it had entered into a new strategic framework to "drive top-line growth," "expand operating margin," and become "the most trusted retailer of choice for the active and casual lifestyle" (the "Strategic Plan"). Specifically, the Strategic Plan featured "new initiatives to position the company for long-term success," including "be[ing] the destination for active, casual and beauty for the entire family from the most trusted brands, always delivering quality and discovery," "lead[ing] with loyalty and value through a best-in-class rewards program," and "offer[ing] a differentiated omnichannel experience that is easy and inviting, no matter how customers want to shop." In addition, Kohl's announced that the Company was "focused on increasing profitability with a goal of expanding its operating margin to 7% to 8%." In announcing the Strategic Plan, Kohl's Corporation said its purportedly strong foundation of customers, industry-leading loyalty and charge card programs, high volume of stores, and large and growing digital business.
On May 19, 2022, Kohl's Corporation announced the Company's fiscal Q1 2022 results, reporting, among other items, a net sales figure expected to grow up to only 1% (compared to Wall Street consensus growth of 1.94%), earnings per share of $0.11 (missing estimates by $0.59), a revenue figure which only barely edged expectations, and the Company's decision to cut its full year earnings forecast. These results were at odds with the Defendants' representations regarding the successful execution of the Company's Strategic Plan, which was purportedly poised to drive top-line growth and position the Company for long-term success. Further, the announcement quoted Kohl's Chief Executive Officer Defendant Michelle Gass, who stated, in relevant part, "[t]he year has started out below our expectations. Following a strong start to the quarter with positive low-single digits comps through late March, sales considerably weakened in April as we encountered macro headwinds related to lapping last year's stimulus and an inflationary consumer environment."

Then, on May 20, 2022, Macellum Advisors GP, LLC ("Macellum"), "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 Macellum attributed to a "flawed strategic plan and an inability to execute." Macellum also stated 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."

Shares of Kohl's Corporation (NYSE: KSS) declined from $63.74 per share on March 17, 2022, to as low as $26.32 per share on July 26, 2022.

The plaintiff claims that between October 20, 2020 and May 19, 2022, the Defendants made false and/or misleading statements and/or failed to disclose that Kohl's Strategic Plan was not well tailored to achieving the Company's stated goals, that the Defendants had likewise overstated the Company's success in executing its Strategic Plan, that Kohl's had deficient disclosure controls and procedures, internal control over financial reporting, and corporate governance mechanisms, that as a result, the Company's Board was able to and did withhold material information from shareholders about the state of Kohl's in the lead-up to the Company's annual meeting, that all the foregoing, once revealed, was likely to have a material negative impact on Kohl's financial condition and reputation, and that as a result, the Company's public statements were materially false and misleading at all relevant times.

Those who purchased shares of Kohl's Corporation (NYSE: KSS) have certain options and should contact the Shareholders Foundation.

Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

This release was published on openPR.

Permanent link to this press release:

Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release Lawsuit filed for Investors in Kohl's Corporation (NYSE: KSS) over alleged Securities Laws Violations here

News-ID: 2732062 • Views: 258

More Releases from Shareholders Foundation

Investigation announced for Investors who lost Money with their shares in Roblox …
An investigation was announced over potential breaches of fiduciary duties by certain directors at Roblox Corporation. Investors who purchased shares of Roblox Corporation (NYSE: RBLX) have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554. The investigation by a law firm concerns whether certain Roblox directors breached their fiduciary duties and caused damage to the company and its shareholders. San Mateo, CA based Roblox Corporation develops
Investigation announced for Investors in Waterdrop Inc. (NYSE: WDH) over possibl …
An investigation was announced over potential securities laws violations by Waterdrop Inc. in connection with certain financial statements. Investors who purchased shares of Waterdrop Inc. (NYSE: WDH), have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554. The investigation by a law firm focuses on whether a series of statements by Waterdrop Inc. (NYSE: WDH regarding its business, its prospects and its operations were materially
Sinovac Biotech Ltd. (formerly NASDAQ: SVA) Investor Notice: Deadline in Lawsuit …
A deadline is coming up on October 17, 2022 in the lawsuit filed for certain investors of Sinovac Biotech Ltd. (formerly NASDAQ: SVA) over alleged securities laws violations by Sinovac Biotech Ltd. Investors who purchased shares of Sinovac Biotech Ltd. (formerly NASDAQ: SVA) have certain options and there are strict and short deadlines running. Deadline: October 17, 2022. Sinovac Biotech Ltd. (formerly NASDAQ: SVA) stockholders should contact the Shareholders Foundation at
Investigation announced for Investors in Anaplan, Inc. (NYSE: PLAN) over potenti …
An investigation was announced concerning potential breaches of fiduciary duties by certain directors and officers of Anaplan, Inc. Investors who are current long term investors in Anaplan, Inc. (NYSE: PLAN) shares, have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554. The investigation by a law firm for current long term investors in NYSE: PLAN stocks follows a lawsuit filed against Anaplan, Inc. over

All 5 Releases