NEW YORK, June 13, 2018 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Guess?, Inc. ("Guess" or the "Company") (NYSE: GES). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 9980.
The investigation concerns whether Guess and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On February 1, 2018, Guess disclosed that a website had approached the Company in 2017, "seeking to post separate allegations that Paul Marciano, the Company's Executive Chairman and Chief Creative Officer, had acted inappropriately toward two women." On this news, Guess's share price fell $3.26, or 17.75%, to close at $15.11 on February 1, 2018. On February 7, 2018, TIME magazine published an interview with model Kate Upton, in which Upton stated that Marciano "assaulted and began harassing her during her first professional modeling campaign when she was 18." Upton's interview provided detailed descriptions of Marciano's alleged conduct, corroborated by at least one witness. On this news, Guess's share price fell $1.20, or 7.22%, to close at $15.42 on February 8, 2018. Then, on February 20, 2018, Guess announced Marciano's resignation from the Company. On this news, Guess's share price fell $0.96, or 6.18%, to close at $14.58 on February 20, 2018.
On June 12, 2018, post-market, Guess issued a press release announcing Marciano's resignation as Executive Chairman. Guess disclosed that an investigation conducted by a special committee of the Company's Board found that "Mr. Marciano exercised poor judgment in his communications with models and photographers and in placing himself in situations in which plausible allegations of improper conduct could, and did, arise." Following this news, Guess's share price fell during intraday trading on June 13, 2018.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
888-476-6529 ext. 9980
SOURCE Pomerantz LLP