The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of L Brands, Inc. (NYSE: LB) who purchased shares between May 31, 2018 and November 19, 2018. The action, which was filed in the United States District Court for the Southern District of Ohio, alleges that the Company violated federal securities laws.
In particular, the L Brands, Inc. lawsuit alleges that (a) the Victoria’s Secret and PINK businesses were having a material adverse effect on the Company’s cash flow, liquidity and debt levels; (b) Defendants lacked a reasonable basis for their positive statements about the ability of the Company to sustain its dividend; (c) the MD&A disclosures in filings L Brands made with the SEC were materially false and misleading; (d) the risk factor disclosures in filings L Brands made with the SEC were materially false and misleading; (e) the representations about L Brands’ disclosure controls in filings the Company made with the SEC were materially false and misleading; (f) the certifications issued by Defendants Wexner and Burgdoerfer on L Brands disclosure controls were materially false and misleading; and (g) based on the foregoing, Defendants lacked a reasonable basis for their positive statements about L Brands’ then-current business operations and future financial prospects.
Shareholders have until September 23, 2019 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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