ROBBINS GELLER RUDMAN & DOWD LLP FILES CLASS
ACTION SUIT AGAINST KOHL’S CORPORATION
New York – July 24, 2013 – Robbins Geller Rudman & Dowd LLP (“Robbins Geller”) (http://www.rgrdlaw.com/cases/kohls/) today announced that a class action has been commenced on behalf of an institutional investor in the United States District Court for the Southern District of New York on behalf of purchasers of Kohl’s Corporation (“Kohl’s”) (NYSE:KSS) common stock during the period between February 26, 2009 and September 13, 2011 (the “Class Period”).
If you wish to serve as lead plaintiff, you must move the Court no later than 60 days from today. If you wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact plaintiff’s counsel, Samuel H. Rudman or David A. Rosenfeld of Robbins Geller at 800/449-4900 or 619/231-1058, or via e-mail at firstname.lastname@example.org. If you are a member of this class, you can view a copy of the complaint as filed or join this class action online at http://www.rgrdlaw.com/cases/kohls/. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The complaint charges Kohl’s and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Kohl’s operates department stores across the United States that sell moderately priced apparel and home fashions that are targeted to middle-income consumers.
The complaint alleges that during the Class Period, defendants issued false and misleading statements regarding the Company’s financial results. Specifically, defendants misrepresented and/or failed to disclose that: (i) the Company’s reported debt was materially understated; (ii) the Company’s reported equity was materially overstated; (iii) the Company’s leverage ratios, including its debt to equity ratio, were materially understated; (iv) the Company violated accounting standards associated with the accounting for and disclosure of leases; (v) the financial statements issued by the Company during the Class Period were not fairly presented in conformity with GAAP and were materially false and misleading; and (vi) the Company’s representations about its internal and disclosure controls and the certifications issued by defendants thereon were materially false and misleading.
On August 4, 2011, the Company announced that it had identified certain errors in its accounting for its leases and had “commenced a detailed review of its historical lease accounting with the goal of quantifying the impact of these errors for each affected reporting period.” In response to this announcement, the price of Kohl’s common stock declined nearly 8%, closing at $47.67 per share on August 4, 2011. On August 11, 2011, Kohl’s filed a Form 8-K with the SEC reporting that as a result of errors related to its accounting for leases, investors should no longer rely upon the financial statements included in the Company’s 2010 Form 10-K and first quarter 2011 Form 10-Q. Then, on September 8, 2011, Kohl’s filed a notification of late filing with the SEC on Form 12b-25 disclosing that the Company was unable to file its Form 10-Q for the quarter ended July 30, 2011, due to various errors in its accounting for both store and equipment leases. In response to this announcement, the price of Kohl’s common stock declined nearly 2.5%, closing at $43.87 per share on September 8, 2011.
Plaintiff seeks to recover damages on behalf of all purchasers of Kohl’s common stock during the Class Period (the “Class”). The plaintiff is represented by Robbins Geller, which has expertise in prosecuting investor class actions and extensive experience in actions involving financial fraud.
Robbins Geller represents U.S. and international institutional investors in contingency-based securities and corporate litigation. With nearly 200 lawyers in nine offices, the firm represents hundreds of public and multi-employer pension funds with combined assets under management in excess of $2 trillion. The firm has obtained many of the largest recoveries and has been ranked number one in the number of shareholder class action recoveries in MSCI’s Top SCAS 50 every year since 2003. Please visit http://www.rgrdlaw.com for more information.
Robbins Geller Rudman & Dowd LLP
Samuel H. Rudman, 800-449-4900
David A. Rosenfeld