Bronstein, Gewirtz & Grossman, LLC Notifies Kohl's Corporation (KSS) Investors of Investigation
NEW YORK, July 5, 2022 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Kohl's Corporation ("Kohl's" or the "Company") (NYSE: KSS). Investors who purchased Kohl's shares are encouraged to obtain additional information and assist the investigation by visiting the firm's site: www.bgandg.com/kss.
The investigation concerns whether Kohl's and certain of its officers and/or directors have violated federal securities laws.
On May 20, 2022, Macellum Advisors GP, LLC ("Macellum"), "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 described as "simply a consequence of a weak Board and management configuration leading 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 $5.84 per share, or 12.97%, to close at $39.20 per share on May 20, 2022. Then, on July 1, 2022, Kohl's issued a press release "announc[ing] . .. that following the exclusive negotiation period with Franchise Group ('FRG'), the Kohl's Board of Directors (the 'Board') unanimously determined to conclude its strategic review process." In the press release, Kohl's also provided a business update, stating that "[a]s inflationary pressures on the consumer continue, the Company is seeing a softening in consumer spending and now expects sales to be down high-single digits for Q2, as compared to our prior expectations of down low-single digits relative to last year." On this news, the Company's stock price fell $7.01 per share, or 19.64%, to close at $28.68 per share on July 1, 2022.
If you are aware of any facts relating to this investigation or purchased Kohl's shares, you can assist this investigation by visiting the firm's site: www.bgandg.com/kss. You can also contact Peretz Bronstein or law clerk and client relations manager, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
Bronstein, Gewirtz & Grossman, LLC represents investors in securities fraud class actions and shareholder derivative suits. The firm has recovered hundreds of millions of dollars for investors nationwide. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Nathanson
212-697-6484 | [email protected]
SOURCE Bronstein, Gewirtz & Grossman, LLC
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