NEW YORK, July 26, 2013 /PRNewswire/ -- Morgan & Morgan announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of purchasers of Kohl's Corporation ("Kohl's") (NYSE: KSS) common stock for the class period between February 26, 2009 and September 13, 2011 (the "Class Period"). The complaint charges Kohl's and certain of its officers and directors with violations of the Securities Exchange Act of 1934.
If you purchased Kohl's between February 26, 2009 and September 13, 2011 you may, no later than September 23, 2013, request that the Court appoint you lead plaintiff of the proposed class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
If you purchased Kohl's and want more information about the Kohl's Securities Fraud Class Action, please contact George Pressly, Esq. at 1 (800) 631-6234 or email George at AskGeorge@morgansecuritieslaw.com.
The complaint alleges that the Company misrepresented and/or failed to disclose that: a) the Company's reported debt was materially understated; b) the Company's reported equity was materially overstated; c) the Company's leverage ratios were materially understated; d) the financial statements issued by the Company during the class period were materially false and misleading; and e) the Company violated standards of accounting associated with regards to disclosure of leases.
On August 4, 2011, the Company announced that certain errors were discovered in its accounting for its leases. Following this statement, the price of Kohl's common stock declined nearly 8%, to close at $47.67. The company also reported in a Form 8-K filing that, as a result of these accounting errors, the financial statements included in the company's 2010 Form 10-K and first quarter 2011 Form 10-Q could no longer be relied upon. Following this news, Kohl's stock dropped another 2.5% closing at $43.87 on September 8, 2011.
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