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GPS.US
id: 489, Created by Stan Vick Chase, Scout
Joshua Diaz, et al. v. The Gap Case
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E.D. New York
CourtOn July 11, 2022, Gap Inc (GPS) announced that Syngal was stepping down from her position as President and CEO of the Company, and resigned from the Board of Directors.
On this news, Gap’s stock price fell 5% on July 12, 2022, damaging investors.
- Earlier, On May 27, 2022, the Company filed a form 10-Q with the SEC where the Company admitted that execution missteps in size and assortment of inventory at Old Navy adversely impacted the Company’s financial results.
- Going back on May 20, 2022, The Wall Street Journal published an article revealing that the Company had improperly managed its inventory of plus size clothing at its Old Navy stores causing material declines in margins and business results.
Taking all facts into account, Investors have reasons to suspect that mismanagement at Gap significantly affected them.
Alleged Offence
Mismanagement,
Malpractice,
Negligence,
Breach of Fiduciary duty,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
11 July 2022
Filing date
05 December 2022
Judge
Hon. Diane Gujarati