The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Kohl's Corporation (NYSE: KSS) who purchased shares between October 20, 2020 and May 19, 2022. The action, which was filed in the United States District Court for the Eastern District of Wisconsin, alleges that the Company violated federal securities laws.
In particular, the Kohl's lawsuit alleges that (i) Kohl’s 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”) was not well tailored to achieving the Company’s stated goals; (ii) the defendants had likewise overstated the Company’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, the Company’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 the Company’s annual meeting; (v) all the foregoing, once revealed, was likely to have a material negative impact on Kohl’s financial condition and reputation; and (vi) as a result, the Company’s public statements were materially false and misleading at all relevant times.
Shareholders have until November 1, 2022 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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