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Glancy Binkow & Goldberg LLP Announces Class Action Lawsuit Against Kohl's Corp

Monday, 29 Jul 2013 02:40pm EDT 

Glancy Binkow & Goldberg LLP announced that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of a class (the Class) comprising all purchasers of the securities of Kohl's Corporation (Kohl's or the Company) between February 26, 2009 and September 13, 2011, inclusive (the Class Period). The Complaint alleges that defendants issued materially false and misleading statements or failed to disclose material adverse facts throughout the Class Period concerning the Company's operations and financial condition. Specifically, the Company misrepresented or failed to disclose that: the Company's reported debt was materially understated; the Company's reported equity was materially overstated; the Company's leverage ratios, including its debt-to-equity ratio, were materially understated; the Company violated accounting standards associated with the accounting for and disclosure of leases; the Company's financial statements were not presented in conformity with Generally Accepted Accounting Principles and were materially false and misleading; the Company's representations about its internal and disclosure controls were false and misleading; and based on the foregoing, defendants lacked a reasonable basis for their positive statements about the Company and its financial condition. 

Company Quote

-0.61 -1.03%
4:01pm EDT