An investigation on behalf of investors in The Gap, Inc. (NYSE:GPS) shares over potential wrongdoing at The Gap, Inc. (NYSE:GPS) was announced.
San Diego, CA -- (SBWIRE) -- 08/29/2022 -- An investigation was announced for long-term investors in shares of The Gap, Inc. (NYSE: GPS) over potential breaches of fiduciary duties by certain officers and directors at The Gap, Inc.
Investors who purchased shares of The Gap, Inc. (NYSE: GPS) 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 concerns whether certain The Gap, Inc. officers and directors breached their fiduciary duties and caused damage to the company and its shareholders.
San Francisco, CA based The Gap, Inc. operates as an apparel retail company. The Gap, Inc reported that its Total Revenue rose from over $13.8 billion for the 12 months period that ended on January 31, 2021, to $16.67 billion for the 12 months period that ended on January 31, 2022, and that its Net Loss of $665 million for the 12 months period that ended on January 31, 2021, turned to a Net Income of $256 million for the 12 months period that ended on January 31, 2022.
On May 20, 2022, an article was published entitled "Old Navy Made Clothing Sizes for Everyone. It Backfired. The clothing brand's push for inclusivity left it with a shortage of middle sizes. 'It's super-frustrating.'" The article stated that "Old Navy set out to make clothes shopping more inclusive for women of all body types. It ended up with too many extra-small and extra-large items and too few of the rest, a mismatch that frustrated customers and contributed to falling sales and a management shake-up." Further, the article stated that "Gap warned that sales for the spring quarter would fall short of expectations in part due to troubles at Old Navy[,]" but that "[t]he extended sizes were the culprit, according to current and former employees." Finally, the article stated that "Old Navy's stumbles don't bode well for Gap Inc. In 2021, Old Navy accounted for 54% of the company's sales and roughly 80% of profits[.]"
Shares of The Gap, Inc. (NYSE: GPS) declined from $15.36 per share on April 13, 2022, to as low as $9.24 per share on May 24, 2022.
Those who purchased shares of The Gap, Inc. (NYSE: GPS) have certain options and should contact the Shareholders Foundation.
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About The Shareholders Foundation
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