The Kohl’s class action lawsuit seeks to represent purchasers or acquirers of Kohl’s Corporation (NYSE: KSS) securities between October 20, 2020 and May 19, 2022, inclusive (the “Class Period”). The Kohl’s class action lawsuit – captioned Shanaphy v. Kohl’s Corporation, No. 22-cv-01016 (E.D. Wis.) – charges Kohl’s as well as certain of its top executives and directors with violations of the Securities Exchange Act of 1934.
If you suffered losses in Kohl’s stock and wish to serve as lead plaintiff of the Kohl’s class action lawsuit, please provide your information below. You can also contact Kohl’s Stock Loss Lawyer Timothy L. Miles by calling 855/846-6529 or via e-mail at [email protected]. Lead plaintiff motions for the Kohl’s class action lawsuit must be filed with the court no later than November 1, 2022. If you suffered losses in Kohl’s stock and have questions, please contact Kohl’s Stock Loss Lawyer Timothy L. Miles today.
Allegations in the Kohl’s Class Action Lawsuit
In October 2020, Kohl’s 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”). In announcing the Strategic Plan, Kohl’s touted its purportedly strong foundation of customers, industry-leading loyalty and charge card programs, high volume of stores, and large and growing digital business.
The Kohl’s class action lawsuit alleges that defendants failed to disclose that: (i) Kohl’s Strategic Plan was not well tailored to achieving Kohl’s stated goals; (ii) the defendants had likewise overstated Kohl’s success in executing its Strategic Plan; (iii) Kohl’s had deficient disclosure controls and procedures, internal control over financial reporting, and corporate governance mechanisms; (iv) as a result, Kohl’s Board of Directors was able to and did withhold material information from shareholders about the state of Kohl’s in the lead-up to Kohl’s annual meeting; and (v) all the foregoing, once revealed, was likely to have a material negative impact on Kohl’s financial condition and reputation.
On May 19, 2022, Kohl’s announced its first quarter of 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 Kohl’s decision to cut its full year earnings forecast. These results were at odds with defendants’ representations regarding the successful execution of Kohl’s Strategic Plan, which was purportedly poised to drive top-line growth and position Kohl’s for long-term success.
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 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.” On this news, Kohl’s stock price fell by nearly 13%, damaging investors who suffered losses in Kohl's stock.
The Lead Plaintiff Process in the Kohl's Class Action Lawsuit
The Private Securities Litigation Reform Act of 1995 permits any investor who purchased and suffered losses in Kohl’s stock to seek appointment as lead plaintiff in the Kohl’s class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class.
A lead plaintiff acts on behalf of all other class members in directing the class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the class action lawsuit. An investor’s ability to share in any potential future recovery of the class action lawsuit is not dependent upon serving as lead plaintiff. If you suffered losses in Kohl’s stock, and have further questions, contact Kohl’s Stock Loss Lawyer Timothy L. Miles today.
How Can a Kohl’s Stock Loss Lawyer Help Me?
A Kohl’s Stock Loss Lawyer is well-versed in the complex laws that govern the securities industry and litigation. A Kohl’s Stock Loss Lawyer focuses on representing individual investors or funds who have been the victims of fraud or who have disputes with investment professionals. Ordinary individual investors, including civil servants, teachers, nurses, and retirees, may need a securities lawyer. In most cases, if they have lost money due to mistakes, incompetence, or fraud by an investment professional.
While FINRA, the SEC, and state securities regulators serve a vital role in protecting investors, they simply have too many individuals, firms, and market transactions to monitor to discovery every act of fraud or negligence. Individual investors should consult with a securities lawyer if they have lost money due to fraud or stockbroker misconduct, such as a Kohl’s Stock Loss Lawyer who will work to recover the losses you sustained through a Kohl’s Class Action lawsuit.
Contact a Kohl’s Stock Loss Lawyer if You Suffered Losses in Kohl’s Stock
If you suffered losses in Kohl’s stock, contact Kohl’s stock loss lawyer Timothy L. Miles today about a Kohl’s class action lawsuit, and see what an Kohl’s Stock Loss Lawyer can do for you.
Timothy L. Miles, Esq.
Timothy L. Miles is a nationally recognized shareholder rights attorney raised in Nashville, Tennessee. Mr. Miles was recentely selected by Martindale-Hubbell® and ALM as a 2022 Top Ranked Lawyer, 2022 Top Rated Litigator. and a 2022 Elite Lawyer of the South. Mr. Miles also maintains the AV Preeminent Rating by Martindale-Hubbell®, their highest rating for both legal ability and ethics. Mr. Miles is a member of the prestigious Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association, a superb rated attorney by Avvo, a recipient of the Lifetime Achievement Award by Premier Lawyers of America (2019) and recognized as a Distinguished Lawyer, Recognizing Excellence in Securities Law, by Lawyers of Distinction (2019). Mr. Miles has published over sixty articles on various issues of the law, including class actions, whistleblower cases, products liability, and more.
Timothy L. Miles
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