An investigation for investors in L Brands, Inc. (NYSE: LB) shares over potential securities laws violations by L Brands, Inc. was announced.
San Diego, CA -- (SBWIRE) -- 02/21/2020 -- L Brands, Inc. is under investigation over potential securities laws violations in connection with certain financial statements.
Investors who purchased shares of L Brands, Inc. (NYSE: LB), have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
The investigation by a law firm focuses on whether a series of statements by L Brands, Inc. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
L Brands has come under increased scrutiny due to a recent article which exposed a "culture of misogyny" and sexual misconduct at Victoria's Secret, one of the Company's most prominent brands. According to the article, L Brands has failed to conduct investigations into complaints of sexual harassment and gender discrimination. The article also alleged that one complainant faced retaliation when following her claims, her access to the building where the Company offices where located was terminated, effectively locking her out of the Company's corporate offices.
Additionally, the financial entanglements between the Company's founder & CEO, Leslie Wexner and Jeffrey Epstein have also raised questions. Notably, ABC News has found that Epstein was the trustee of dozens of charitable trusts connected to Wexner, from which Epstein then liquidated large amounts of L Brands stock to purchase planes, mansions, and a private island.
On February 20, 2020, it was reported that L Brands is selling the controlling stake in Victoria's Secret to Sycamore Partners and that L Brands CEO Leslie Wexner will step down.
Shares of L Brands, Inc. (NYSE: LB) closed on February 20, 2020, at $23.42 per share.
Those who purchased shares of L Brands, Inc. (NYSE: LB) have certain options and should contact the Shareholders Foundation.
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