LOS ANGELES, June 25, 2019 (GLOBE NEWSWIRE) -- The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against Ascena Retail Group, Inc. (“Ascena” or “the Company”) (NASDAQ: ASNA) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
Investors who purchased the Company's shares between September 16, 2015 and June 8, 2017, inclusive (the ''Class Period''), are encouraged to contact the firm before August 6, 2019.
If you are a shareholder who suffered a loss, click here to participate.
We also encourage you to contact Brian Schall of the Schall Law Firm, 1880 Century Park East, Suite 404, Los Angeles, CA 90067, at 424-303-1964, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at brian@schallfirm.com.
The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
According to the Complaint, the Company made false and misleading statements to the market. Ascena’s acquisition of ANN, Inc. developed into a disaster for the Company based on ANN’s operations to be in far worse condition than was generally believed to be the case. The Company improperly delayed the recognition of an impairment charge related to ANN’s goodwill to mask the true extent of this problem. Based on this delay, the Company’s income and assets were overstated and its financial results were not in conformity with GAAP. Ascena overvalued many of the brands in the ANN acquisition as they were in serious decline. Based on these facts, the Company’s public statements were false and materially misleading throughout the class period. When the market learned the truth about Ascena, investors suffered damages.
Join the case to recover your losses.
The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.
CONTACT:
The Schall Law Firm
Brian Schall, Esq.,
www.schallfirm.com
Office: 310-301-3335
Cell: 424-303-1964
info@schallfirm.com
SOURCE:
The Schall Law Firm
