NEW YORK, July 12, 2022 (GLOBE NEWSWIRE) -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of Kohl’s Corporation (“Kohl’s or the "Company") (: KSS).
On May 20, 2022, 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.” 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, the Company’s stock price fell $5.84 per share, or 12.97%, to close at $39.20 per share on May 20, 2022.
Then, on July 1, 2022, the Company issued a press release announcing that “following the exclusive negotiation period with Franchise Group ('FRG'), the Kohl's Board of Directors (the “Board”) unanimously determined to conclude its strategic review process." In the press release, the Company also provided a business update, stating that "[a]s inflationary pressures on the consumer continue, the Company is seeing a softening in consumer spending and now expects sales to be down high-single digits for Q2, as compared to our prior expectations of down low-single digits relative to last year."
On this news, the Company’s stock price fell $7.01 per share, or 19.64%, to close at $28.68 per share on July 1, 2022.
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Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com. If you have any questions about this investigation, your rights, or your interests, please contact:
Frederic S. Fox
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(646) 315-9003
[email protected]
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax: (415) 772-4707
E-mail: [email protected]
