This lawsuit is for anyone who acquired securities in Ascena Retail Group (NASDAQ: ASNA) from September 16, 2015 through June 8, 2017.
The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that, during the time period mentioned above, the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that the Company misled investors by failing to timely disclose to investors that the Company’s acquisition of ANN, Inc., the parent company of Ann Taylor and LOFT, was a complete disaster for the Company as ANN’s operations were in far worse condition than the Company represented to the public.
On September 19, 2016, the Company filed a Form 10-K for fiscal year ended July 30, 2016 reporting a $225.7 million reduction in goodwill related to ANN. On this news, the price of the Company's stock dropped precipitously on unusually heavy trading volume. Then, on May 17, 2017, the Company revised its third quarter and full fiscal year 2017 sales and earnings outlook, further noting that the Company would be taking an unspecified impairment charge. On this news, the price of the Company's stock again dropped precipitously on unusually heavy trading volume. Finally, on June 8, 2017, the Company announced its third quarter financial results, reporting a GAAP loss of $5.29 per diluted share compared to net earnings of $0.08 per diluted share for the same period in the year prior. The loss included a $1.324 billion impairment charge to the Company’s goodwill and other intangible assets. On this news, the price of the Company's stock again dropped precipitously on unusually heavy trading volume.
The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in Ascena Retail Group (NASDAQ: ASNA) from September 16, 2015 through June 8, 2017 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.
Join the Class Action
First Name: *
Last Name: *
If Representing an Institution, Name of Institution:
If Representing an Institution, Position at Institution:
Mailing Address: *
Phone #: *
I, the Plaintiff, certify that:
1. I have reviewed the Complaint and authorized its filing.
2. Plaintiff did not purchase the security that is the subject of this
action, at the direction of plaintiff's counsel or in order to
participate in any private action arising under this title.
3. I am willing to serve as a representative party on behalf of a class
and will testify at deposition and trial, if necessary.
4. My transactions in the securities, which are the subject of this
action, during the Class Period set forth in the Complaint are as
5. I have not served as a representative party on behalf of a class
under the federal security laws during the last three years, except
if detailed below.
6. I will not accept any payment for serving as a representative party,
except to receive my pro rata share of any recovery or as ordered
or approved by the court including the award to a representative
plaintiff of reasonable costs and expenses (including lost wages)
directly relating to the representation of the class.
agreement and retain the Law Offices of Howard G. Smith and its associates to proceed on Plaintiff's behalf, on a contingent fee basis. If I am executing this agreement on behalf of an institution, I further certify that I am authorized to execute this agreement on behalf of the institution.