NEW YORK, July 05, 2019 (GLOBE NEWSWIRE) -- Zhang Investor Law announces the filing of a class action lawsuit on behalf of shareholders who bought shares of Ascena Retail Group, Inc. (NASDAQ: ASNA) from September 16, 2015 through June 8, 2017, inclusive (the “Class Period”). The lawsuit seeks to recover damages for Ascena investors under the federal securities laws.
If you wish to serve as lead plaintiff, you must move the Court no later than August 6, 2019. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation follow this http://zhanginvestorlaw.com/join-action-form/?slug=ascena-retail-group-inc&id=1907 or to discuss your rights or interests regarding this class action, please contact Sophie Zhang, Esq. or Spencer Lee toll-free at 800-991-3756 or email firstname.lastname@example.org, email@example.com for information on the class action.
According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) the Company’s acquisition of ANN, Inc., the parent company of Ann Taylor and LOFT, was a complete disaster for the Company as ANN’s operations were in far worse condition than had been represented to the public; (2) to mask the true condition of ANN, Defendants improperly delayed recognizing an impairment charge to the value of ANN’s goodwill and, as a result, Ascena’s reported income and assets were materially overstated and the Company’s financial results were not prepared in conformity with GAAP; (3) many of the brands acquired in the ANN Acquisition were in steep decline and were also materially overvalued on Ascena’s Class Period financial statement; and (4) defendants’ positive statements about Ascena’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.
A class has not been certified. You may retain counsel of your choice. You may take no action at this time and be an absent class member. Your ability to obtain a recovery is not dependent upon being a lead plaintiff.
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