ACCESSWIRE
02 Aug 2022, 06:01 GMT+10
NEW YORK, NY / ACCESSWIRE / August 1, 2022 / Attorney Advertising Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Kohl's Corporation ('Kohl's' or the 'Company') (NYSE:KSS). Investors who purchased Kohl's sharesare encouraged to obtain additional information and assist the investigation by visiting the firm's site: www.bgandg.com/kss.
The investigation concerns whether Kohl's violated federal securities laws.
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 described as 'simply a consequence of a weak Board and management configuration leading 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.' 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. Then, on July 1, 2022, Kohl's issued a press release 'announc[ing] . .. that following the exclusive negotiation period with Franchise Group (‘FRG'), the Kohl's Board of Directors (the ‘Board') unanimously determined to conclude its strategic review process.' In the press release, Kohl's also provided a business update, stating that '[a]s inflationary pressures on the consumer continue, the Company is seeing a softening in consumer spending and now expects sales to be down high-single digits for Q2, as compared to our prior expectations of down low-single digits relative to last year.' On this news, the Company's stock price fell $7.01 per share, or 19.64%, to close at $28.68 per share on July 1, 2022.
If you are aware of any facts relating to this investigation or purchased Kohl's shares, you can assist this investigation by visiting the firm's site: www.bgandg.com/kss. You can also contact Peretz Bronstein or law clerk and client relations manager, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
Bronstein, Gewirtz & Grossman, LLC represents investors in securities fraud class actions and shareholder derivative suits. The firm has recovered hundreds of millions of dollars for investors nationwide. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Nathanson
212-697-6484 | info@bgandg.com
SOURCE: Bronstein, Gewirtz and Grossman, LLC
Get a daily dose of North Carolina Daily news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to North Carolina Daily.
More InformationNEW YORK, New York - U.S. stocks were directionless Tuesday as investors had little to digest ahead of next week's ...
NEW YORK, New York - U.S. stocks started the week under pressure on Monday. "Markets are catching their breath after ...
NEW YORK CITY, New York: A JPMorgan Chase & Co spokesperson has confirmed that as part of the bank's efforts ...
WASHINGTON D.C.: The Pentagon said this week that the satellite communications service started by billionaire Elon Musk, SpaceX's Starlink, has ...
CHICAGO, Illinois: Driven by an ongoing shortage of properties available on the market, in March US single-family home prices rose ...
NEW YORK, New York - U.S. stocks surged on Friday on the debt ceiling resolution and a strong jobs report.Nonfarm ...
HARTFORD, Connecticut: Following a state Senate debate and vote to approve Connecticut's most comprehensive gun legislation since the laws put ...
SPENCER, Massachusetts: Spencer, Massachusetts Fire Chief Robert Parsons has said that a June 2 fire that burned down a 160-year-old ...
MENLO PARK, California: Facebook parent Meta has said that under a trial that could last through the end of June, ...
WASHINGTON D.C.: The Biden administration is expected to approve a deal allowing General Electric to assemble jet engines in India ...
SAN FRANCISCO, California: Landowners in California participated this week in a class organized by the El Dorado Amador Prescribed Burn ...
TAIPEI, Taiwan: Taiwan and the United States are set to sign the first deal under a new trade framework, marking ...