San Diego, CA -- (SBWIRE) -- 07/29/2013 -- An investor, who purchased shares of Kohl's Corporation (NYSE:KSS) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Kohl's Corporation in connection with certain allegedly false and misleading statements made between February 26, 2009 and September 13, 2011.

Investors who purchased a significant amount of shares of Kohl's Corporation (NYSE:KSS) between February 26, 2009 and September 13, 2011, and / or those who purchased NYSE:KSS shares prior to February 2009 and currently hold any of those shares, have certain options and for certain investors are short and strict deadlines running. Deadline: Sept. 23, 2013. NYSE:KSS investors should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.

According to the complaint the plaintiff alleges on behalf of purchasers of Kohl's Corporation (NYSE:KSS) common stock during the period between February 26, 2009 and September 13, 2011, that Kohl's Corporation and certain of its officers and directors violated the Securities Exchange Act of 1934. More specifically, the plaintiff alleges that defendants allegedly misrepresented and/or allegedly failed to disclose that Kohl's Corporation’s reported debt was materially understated, that Kohl's Corporation’s reported equity was materially overstated, that Kohl's Corporation’s leverage ratios, including its debt to equity ratio, were materially understated, that Kohl's Corporation violated accounting standards associated with the accounting for and disclosure of leases, that the financial statements issued by Kohl's Corporation between February 26, 2009 and September 13, 2011were not fairly presented in conformity with GAAP and were materially false and misleading, and Kohl's Corporation’s representations about its internal and disclosure controls and the certifications issued by defendants thereon were materially false and misleading.

Kohl's Corporation reported that its Total Revenue increased from over $17.17 billion for the 52 weeks period that ended on Jan 30, 2010 to over $18.39 billion for the 52 weeks period that ended on Jan. 29, 2011 and that its respective Net Income rose from $973 million to over $1.12 billion.

Shares of Kohl's Corporation (NYSE:KSS) grew from $24.50 per share in March 2009 to as high as $59.68 in October 2009, respectively $58.48 in April 2010.

On Aug 04, 2011 Kohl's Corporation reported July Comparable Store Sales, Among other things, Kohl's Corporation said 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.” On August 11, 2011, Kohl's Corporation announced 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 Corporation filed a notification of late filing with the SEC disclosing that Kohl's Corporation 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.

Shares of Kohl's Corporation declined from $57.00 per share on July 22, 2011 to on Sept. 9, 2011 to $42.60 per share.

The plaintiff seeks to recover damages on behalf of all purchasers of Kohl’s common stock between February 26, 2009 and September 13, 2011

On Feb. 28, 2013 Kohl's Corporation reported its fourth quarter financial results for the fiscal periods ended February 2, 2013. Among other things, Kohl's Corporation reported that its Total Revenue increased from over $18.8 billion for the 52 weeks period that ended on Jan 28, 2012 to over $19.27 billion for the 53 weeks period that ended on Feb. 2, 2013 and that its Net Income for those time periods declined from over $1.16 billion to $986 million.

Shares of Kohl's Corporation (NYSE:KSS) closed on July 24, 2013, at $53.59 per share.

Those who purchased a significant amount of shares of Kohl's Corporation (NYSE:KSS) between February 26, 2009 and September 13, 2011, and / or those who purchased NYSE:KSS shares prior to February 2009 and currently hold any of those shares, have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Trevor Allen
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com