An investigation for investors in V.F. Corporation (NYSE: VFC) shares over potential securities laws violations by V.F. Corporation was announced.
San Diego, CA -- (SBWIRE) -- 02/10/2020 -- An investigation was announced over possible violations of securities laws by V.F. Corporation in connection with certain financial statements.
Investors who purchased shares of V.F. Corporation (NYSE: VFC), have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
The investigation by a law firm focuses on whether a series of statements by V.F. Corporation regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
Greenwood Village, CO based V.F. Corporation engages in the design, production, procurement, marketing, and distribution of branded lifestyle apparel, footwear, and related products for men, women, and children in the Americas, Europe, and the Asia-Pacific. On January 23, 2020, V.F. Corporation announced third-quarter fiscal 2020 results. V.F. Corporation reported net revenue of $3.38 billion for the three months ended December 28, 2019, but fell short of the average analyst estimate of $3.43 billion. Additionally, V.F. Corporation estimated annual revenue of $11.75 billion, compared with its prior forecast of $11.8 billion. It projected adjusted profit per share to be about $3.30, lower than its previous range of $3.32 to $3.37.
On a conference call that same day, CFO Scott Roe, disclosed that V.F. Corporation intended to sell "the Occupational Work Brands." Roe stated, "From a financial standpoint the occupational work brands contributed about $865 million of revenue and $130 million of adjusted operating income in fiscal 2019."
Shares of V.F. Corporation (NYSE: VFC) declined from $100.25 per share on January 2, 2020 to as low as $82.24 per share on January 27, 2020.
Those who purchased shares of V.F. Corporation (NYSE: VFC) have certain options and should contact the Shareholders Foundation.
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