NEW ORLEANS, Sept. 30, 2022 /PRNewswire/ -- Kahn Swick & Foti, LLC ("KSF") and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind 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.
What You May Do
If you purchased securities of Kohl's and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email ([email protected]), or visit https://www.ksfcounsel.com/cases/nyse-kss/ to learn more. If you wish to serve as a lead plaintiff in this class action, you must petition the Court by November 1, 2022.
About the Lawsuit
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.
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation's premier boutique securities litigation law firms. KSF serves a variety of clients ? including public institutional investors, hedge funds, money managers and retail investors ? in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, California, Louisiana and New Jersey.
To learn more about KSF, you may visit www.ksfcounsel.com.
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
1100 Poydras St., Suite 3200
New Orleans, LA 70163
SOURCE Kahn Swick & Foti, LLC
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