LOS ANGELES, Sept. 16, 2019 (GLOBE NEWSWIRE) -- Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming September 23, 2019 deadline to file a lead plaintiff motion in the class action filed on behalf of L Brands, Inc. (“L Brands” or the “Company”) (NYSE: LB) investors who purchased common stock between May 31, 2018 and November 19, 2018, inclusive (the “Class Period”).
If you are a shareholder who suffered a loss, click here to participate.
If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, at 310-201-9150, Toll-Free at 888-773-9224, or by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com.
On November 19, 2018, the Company reduced its annual ordinary dividend from $2.40 to $1.20 to deleverage the balance sheet over time.
On this news, shares of L Brands fell $6.12 per share, or nearly 18%, to close at $28.43 per share on November 20, 2018, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that the Victoria’s Secret and PINK businesses were having a material adverse effect on the Company’s cash flow, liquidity and debt levels; (2) that Defendants lacked a reasonable basis for their positive statements about the ability of the Company to sustain its dividend; (3) that the MD&A disclosures in filings L Brands made with the SEC were materially false and misleading; (4) that the risk factor disclosures in filings L Brands made with the SEC were materially false and misleading; (5) that the representations about L Brands’ disclosure controls in filings the Company made with the SEC were materially false and misleading; (6) that the certifications issued by the Chief Executive Officer and the Chief Financial Officer on L Brands disclosure controls were materially false and misleading; and (7) that based on the foregoing, Defendants lacked a reasonable basis for their positive statements about L Brands’ then-current business operations and future financial prospects.
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If you purchased or otherwise acquired L Brands common stock during the Class Period you may move the Court no later than September 23, 2019 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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Contacts
Glancy Prongay & Murray LLP, Los Angeles
Lesley Portnoy, 310-201-9150 or 888-773-9224
shareholders@glancylaw.com
www.glancylaw.com
