Nationally Recognized Personal Injury Attorney Timothy L. MIles Receives 2022 AV Preeminent Recognition
Class action lawsuit charges Kohl’s and certain of its top executive officers with violations of the Securities Exchange Act of 1934.
Kohl’s Corporation (NYSE:KSS)
— Timothy L. Miles
NASHVILLE, TENNESSEE, UNITED STATES, September 11, 2022 /EINPresswire.com/ — The Law Offices of Timothy L. Miles, who has been leading the fight to protect shareholder rights for over 20 years, informs investors that a that a purchaser of Kohl’s Corporation (NYSE: KSS) who suffered losses in Kohl’s stock, filed a class action complaint against the Company for alleged violations of the securities laws. The Kohl’s class action lawsuit seeks to represent purchasers or acquirers of Kohl’s securities between October 20, 2020 and May 19, 2022, inclusive (the “Class Period”). The Kohl’s class action lawsuit – captioned Shanaphy v. Kohl’s Corporation, No. 22-cv-01016 (E.D. Wis.) – charges Kohl’s as well as certain of its top executives and directors with violations of the Securities Exchange Act of 1934.
If you suffered losses in Kohl’s stock or would like additional information, please visit us here.
Allegations in the Kohl’s Class Action Lawsuit
In October 2020, Kohl’s announced that it had entered into a new strategic framework to “drive top-line growth,” “expand operating margin,” and become “the most trusted retailer of choice for the active and casual lifestyle” (the “Strategic Plan”). In announcing the Strategic Plan, Kohl’s touted its purportedly strong foundation of customers, industry-leading loyalty and charge card programs, high volume of stores, and large and growing digital business.
The Kohl’s class action lawsuit alleges that defendants failed to disclose that: (i) Kohl’s Strategic Plan was not well tailored to achieving Kohl’s stated goals; (ii) the defendants had likewise overstated Kohl’s success in executing its Strategic Plan; (iii) Kohl’s had deficient disclosure controls and procedures, internal control over financial reporting, and corporate governance mechanisms; (iv) as a result, Kohl’s Board of Directors was able to and did withhold material information from shareholders about the state of Kohl’s in the lead-up to Kohl’s annual meeting; and (v) all the foregoing, once revealed, was likely to have a material negative impact on Kohl’s financial condition and reputation.
On May 19, 2022, Kohl’s announced its first quarter of 2022 results, reporting, among other items, a net sales figure expected to grow up to only 1% (compared to Wall Street consensus growth of 1.94%), earnings per share of $0.11 (missing estimates by $0.59), a revenue figure which only barely edged expectations, and Kohl’s decision to cut its full year earnings forecast. These results were at odds with defendants’ representations regarding the successful execution of Kohl’s Strategic Plan, which was purportedly poised to drive top-line growth and position Kohl’s for long-term success.
Then, on May 20, 2022, Macellum Advisors GP, LLC, “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 attributed 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 by nearly 13%, damaging investors who suffered losses in Kohl’s stock.
Kohl’s Shareholders Urged to Contact the Firm
If you purchased Kohl’s securities, have information, or have any questions concerning this announcement or your rights or interests with respect to these matters, please click here for more information or contact Timothy L. Miles, Esquire, at 615-587-7384, Toll-Free at 855-846-6529, or by email to email@example.com. If you inquire by email please include your mailing address, telephone number, and the number shares owned.
About Timothy L. Miles
Timothy L. Miles is a nationally recognized shareholder rights attorney raised in Nashville, Tennessee. Mr. Miles was recentely selected by Martindale-Hubbell® and ALM as a 2022 Top Ranked Lawyer and a 2022 Top Rated Litigator. Mr. Miles also maintains the AV Preeminent Rating by Martindale-Hubbell®, their highest rating for both legal ability and ethics. Mr. Miles is a member of the prestigious Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association, a superb rated attorney by Avvo, a recipient of the Lifetime Achievement Award by Premier Lawyers of America (2019) and recognized as a Distinguished Lawyer, Recognizing Excellence in Securities Law, by Lawyers of Distinction (2019).
Awards: Top Rated Litigator by Martindale-Hubbell® and ALM (2019); 2019 Elite Lawyer of The South by Martindale-Hubbell® and ALM (2019); Member of the Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association (2017-2019); AV® Preeminent™ Rating by Martindale-Hubble® (2014-2020); PRR AV Preeminent Rating on Lawyers.com (2017 & 2019); The Top-Rated Lawyer in Litigation™ for Ethical Standards and Legal Ability (Martindale-Hubble® 2015); Lifetime Achievement Award by Premier Lawyers of America (2019); Superb Rated Attorney (Avvo); Avvo Top Rated Lawyer for (Avvo 2017-2020). Mr. Miles has authored numerous publications advocating for shareholdings including most recently: Free Portfolio Monitoring Services Offered by Plaintiff Securities Firms Provides Significant Benefits To Investors (Timothy L. Miles, Dec. 3, 2019).
Timothy L. Miles, Esq.
Law Offices of Timothy L. Miles
109 Summit Ridge Ct.
Nashville, TN 37215
Email: firstname.lastname@example.org Website: www.classactionlawyertn.com
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