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KSS.US
id: 245
E.D. Wisconsin
Court
On May 19, 2022, Kohl’s reported weak sales growth and the Company’s decision to cut its full-year earnings forecast. It did not meet management's representations regarding the successful execution of the Company’s Strategic Plan.

Later, on May 20, 2022, Macellum Advisors GP, holder of nearly 5% of Kohl's, stated that “this quarter’s extremely disappointing results ...... attributed to the flawed strategic plan and an inability to execute.”  Macellum also stated that “the current Board appears to have withheld material information from shareholders about the state of Kohl’s in the lead-up to this year’s pivotal annual meeting,” which “suggests to us a clear breach of fiduciary duty.”
On this news, Kohl's shares declined by about 13% and lost $750 million of its capitalization on May 20, 2022, seriously damaging investors.
Alleged Offence
Mismanagement
Misleading Statements
Financial Misrepresentation
Failure to Disclose
Negligence
Breach of Fiduciary duty
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
19 May 2022
Collecting participants…

Kohls Corp

Kohl's Corporation operates as a omnichannel retailer in the United States. It offers branded apparel, footwear, accessories, beauty, and home products through its stores and website. The company p...

    Ticker
    KSS.US
    ISIN
    US5002551043
    CIK
    885639
    Sector
    Consumer Cyclical
    Industry
    Department Stores
    Country
    USA
    Address
    N56 W17000 Ridgewood Drive, Menomonee Falls, WI, United States, 53051