SHAREHOLDER ALERT: Pomerantz Law Firm Announces the Filing of a Class Action Against Kohl's Corporation and Certain Officers - KSS
NEW YORK, July 26, 2013 (GLOBE NEWSWIRE) -- Pomerantz Grossman Hufford Dahlstrom & Gross LLP announces the filing of a class action lawsuit against Kohl's Corporation ("Kohl's" or the "Company") (NYSE:KSS) and certain of its officers. The class action, filed in United States District Court, Southern District of New York, on behalf of a class consisting of all persons or entities who purchased or otherwise acquired securities of Kohl's between February 26, 2009 and September 13, 2011, both dates inclusive (the "Class Period"). This class action seeks to recover damages against the Company and certain of its officers and directors as a result of alleged violations of the federal securities laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
If you are a shareholder who purchased Kohl's securities during the Class Period, you have until September 23, 2013 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, x237. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
Kohl's Corporation operates department stores in the United States. Its stores offer private, exclusive, and national branded apparel, footwear, and accessories for women, men, and children; soft home products, such as sheets and pillows; and housewares targeted to middle-income customers.
The Complaint alleges that throughout the Class Period, Defendant made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, Defendants 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 filed a Form 8-K reporting that, as a result of these accounting errors, the financial statements included in 2010 Form 10-K and first quarter 2011 Form 10-Q could no longer be relied upon. On this news, Kohl's stock fell 2.5% percent and closed at $43.87 on September 8, 2011.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and San Diego, 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, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm 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.pomerantzlaw.com.
CONTACT: Robert S. Willoughby
Pomerantz Grossman Hufford Dahlstrom & Gross LLP
rswilloughby@pomlaw.com
