NEW YORK, Aug. 5, 2019 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Ascena Retail Group, Inc. ("Ascena" or the "Company") (NASDAQ: ASNA) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired Ascena securities between September 16, 2015 through June 8, 2017, both dates inclusive. Such investors are encouraged to join this case by visiting the firm's site: www.bgandg.com/asna.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The lawsuit alleges that throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (1) Ascena'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 had been represented to the public; (2) 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; (3) many of the brands acquired in the ANN acquisition were in steep decline and were also materially overvalued on Ascena's Class Period financial statement; and (4) as a result, defendants' positive statements about Ascena's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
If you wish to review a copy of the Complaint you can visit the firm's site: www.bgandg.com/asna or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Ascena you have until August 6, 2019 to request that the Court appoint you as lead plaintiff. A lead plaintiff acts on behalf of all other class members in directing the litigation. The lead plaintiff can select a law firm of its choice. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | [email protected]
SOURCE Bronstein, Gewirtz & Grossman, LLC