A lawsuit was filed on behalf of investors in Ascena Retail Group, Inc. (NASDAQ: ASNA) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 06/20/2019 -- An investor, who purchased shares of Ascena Retail Group, Inc. (NASDAQ: ASNA), filed a lawsuit over alleged violations of Federal Securities Laws by Ascena Retail Group, Inc.
Investors in shares of Ascena Retail Group, Inc. (NASDAQ: ASNA) have certain options and for certain investors are short and strict deadlines running. Deadline: August 6, 2019. NASDAQ: ASNA investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
Mahwah, NJ based Ascena Retail Group, Inc., through its subsidiaries, operates as a specialty retailer of apparel, shoes, and accessories for women and tween girls in the United States, Canada, and Puerto Rico.
On May 17, 2017, Ascena Retail Group, Inc announced that it was revising its third quarter and full year 2017 sales and earnings outlook, due to "a period of unprecedented secular change that is disruptive to traditional business models," and that the Company would be taking an impairment charge.
Then on June 8, 2017, Ascena Retail Group, Inc announced its third quarter 2017 financial results, reporting a GAAP loss of $5.29 per diluted share compared to net earnings of $.08 per diluted share in the year-ago period. The loss included a non-cash pre-tax impairment charge of $1.324 billion (after tax impact of $5.22 per diluted share) to write down a portion of the Company's goodwill and other intangible assets.
The plaintiff claims that between September 16, 2015 and June 8, 2017, the defendants failed to disclose that the Ann Acquisition was a complete disaster for the Company as Ann's operations were in far worse condition than had been represented to the public; that, in order 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 Generally Accepted Accounting Principles ("GAAP"); and that many of the brands acquired in the Ann Acquisition were in steep decline and were also materially overvalued on Ascena's financial statements between September 16, 2015 and June 8, 2017.
Those who purchased shares of Ascena Retail Group, Inc. (NASDAQ: ASNA) have certain options and should contact the Shareholders Foundation.
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