An investigation on behalf of current long term investors in Kohl’s Corporation (NYSE:KSS) shares over possible breaches of fiduciary duty by certain officers and directors was announced and NYSE:KSS stockholders should contact the Shareholders Foundation at email@example.com
San Diego, CA -- (SBWIRE) -- 10/14/2013 -- An investigation for investors who currently hold shares of Kohl's Corporation (NYSE:KSS) was announced concerning whether certain Kohl's directors and officers breached their fiduciary duties in connection with certain statements made between February 26, 2009 and September 13, 2011.
Investors who are current long term stockholders in shares of Kohl’s Corporation (NYSE:KSS), have certain options and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm for current long term Kohl’s Corporation investors follows a lawsuit filed recently in the U.S. District Court for the Southern District of New York against Kohl’s Corporation over alleged securities laws violations.
. The investigation on behalf of current long term investors in NYSE:KSS stocks, concerns whether certain Kohl’s officers and directors are liable in connection with the allegations made in that lawsuit. The plaintiff alleges that Kohl's Corporation 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.
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.
Those who purchased Kohl's Corporation and currently hold any of the NYSE:KSS shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego
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