Levi & Korsinsky, LLP announces that a ASNA class action lawsuit has been filed on behalf of investors who purchased Ascena Retail Group, Inc. (ASNA) securities between September 16, 2015 and June 8, 2017. For more on the ASNA Lawsuit please contact us today.
According to the Ascena Retail Group, Inc. lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that:
(a) the ANN Acquisition was a complete disaster for the Company as Ann’s operations were in far worse condition than had been represented to the public; (b) in order to mask the true condition of Ann, Defendants improperly delayed recognizing an impairment charge to the value of Ann’s goodwill and, as a result, Ascena’s reported income and assets were materially overstated and the Company’s financial results were not prepared in conformity with GAAP; (c) many of the brands acquired in the ANN Acquisition were in steep decline and were also materially overvalued on Ascena’s Class Period financial statements; and (d) as a result of the foregoing, Defendants lacked a reasonable basis for their positive statements about the Company, its operations and prospects.
If you suffered a loss in Ascena Retail Group, Inc. you have until August 6, 2019 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.