NEW YORK, July 5, 2022 /PRNewswire/ — Pomerantz LLP is investigating claims on behalf of investors from Kohl’s Corporation (“Kohl’s” or the “Company”) (NYSE: KSS). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Kohl’s and certain of its officers and/or directors have engaged in securities fraud or other business practices.
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On May 20, 2022Macellum Advisors GP, LLC (“Macellum”), “a long-term holder of nearly 5% of the outstanding common shares of Kohl’s”, issued a statement addressing ”
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, 2022Kohl’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.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Parisand Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
Robert S. Willoughby
888-476-6529 ext. 7980
SOURCE Pomerantz LLP