Kaplan Fox investigates alleged securities fraud, fiduciary breach at Kohl’s
Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of Kohl’s Corporation (“Kohl’s” or the "Company”) (NYSE: KSS).
If you purchased or otherwise acquired Kohl’s securities between October 20, 2020 and May 19, 2022, inclusive (the “Class Period”) and would like to discuss our investigation, please contact us by emailing [email protected] or by calling (646) 315-9003.
If you are a member of the proposed Class, you may move the court no later than November 1, 2022 to serve as a lead plaintiff for the purported class. You need not seek to be ome a lead plaintiff in order to share in any possible recovery.
On May 19, 2022, in connection with the Company’s issuance of its first quarter fiscal 2022 results, the Company’s CEO, Michelle Gass, stated “while the year has started out below our expectations, trends are improving, we are making changes, and the benefits of our key strategic initiatives are still in front of us.”
On May 20, 2022, according to the complaint, 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." Additionally, Macellum 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." Further, according to the complaint, Macellum states that “[i]f any of the current directors were aware of this material information prior to the annual meeting, their involvement in any decision to withhold the news prior to a monumental shareholder vote suggests to us a clear breach of fiduciary duty."
Following 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.
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