NEW YORK, NY / ACCESSWIRE / July 26, 2019 / Bronstein, Gewirtz & Grossman, LLC reminds investors that a class action lawsuit has been filed against Omnicell, Inc. (“Omnicell” or the “Company”) (NASDAQ: OMCL) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired Omnicell securities between October 25, 2018 and July 11, 2019, both dates inclusive. Such investors are encouraged to join this case by visiting the firm’s site:www.bgandg.com/omcl.

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) Omnicell recognized revenue for certain transactions before fulfilling its performance obligations; (2) the Company engaged in improper accounting practices to meet revenue targets; (3) the Company experienced weaker demand for new product lines than it had previously projected; (4) consequently, the Company would be required to write-off certain inventory; (5) Omnicell misclassified certain expenses as capitalized expenditures; and (6) as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

On July 11, 2019, GlassHouse Research LLC reported that Omnicell impulsively recognized over $38 million in sales. The article continued to allege that new product lines were pushed onto cautious customers, who were weary to purchase more inventory due to implementation issues, and Omnicell will need to write off $23 million in obsolete inventory. Following this news, Omnicell stock dropped $11.41 per share, or roughly 14%, to close at $75.11 on July 11, 2019.

If you wish to review a copy of the Complaint you can visit the firm’s site: www.bgandg.com/omcl 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 Omnicell you have until September 16, 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.

Contact:

Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz

212-697-6484 | info@bgandg.com

SOURCE: Bronstein, Gewirtz & Grossman, LLC

ReleaseID: 552778

CEDARHURST, NY / ACCESSWIRE / July 26, 2019 / The securities litigation law firm of Kuznicki Law PLLC issues the following notice on behalf of shareholders of the following publicly traded companies. Shareholders who purchased shares in these companies during the dates listed below are encouraged to contact the firm regarding possible appointment as lead plaintiff and a preliminary estimate of their recoverable losses.

If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No classes have yet been certified in the actions below. Appointment as lead plaintiff is not required to partake in any recovery.

Pivotal Software, Inc. (NYSE: PVTL)

Investors Affected : investors who purchased common stock pursuant or traceable to the April 2018 initial public offering and/or Pivotal securities between April 24, 2018 and June 4, 2019.

A class action has commenced on behalf of certain shareholders in Pivotal Software, Inc. The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that: (i) Pivotal was facing major problems with its sales execution and a complex technology landscape; (ii) the foregoing headwinds resulted in deferred sales, lengthening sales cycles, and diminished growth as its customers and the industry’s sentiment shifted away from Pivotal’s principal products because the Company’s products were outdated, inadequate, and incompatible with the industry-standard platform; and (iii) as a result, the Company’s public statements were materially false and misleading at all relevant times.

Shareholders may find more information at https://kclasslaw.com/securities/pivotal-software-inc-loss-submission-form/?id=2617&from=1

Mammoth Energy Services, Inc. (NASDAQ: TUSK)

Investors Affected : October 19, 2017 – June 5, 2019

A class action has commenced on behalf of certain shareholders in Mammoth Energy Services, Inc. The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that: (1) Mammoth’s subsidiary, Cobra, improperly obtained two infrastructure contracts with PREPA that totaled over $1.8 billion; (2) specifically, the contracts were awarded as the result of improper steering and not a competitive RFP process; and (3) as a result, Defendants’ statements about Mammoth’s business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.

Shareholders may find more information at https://kclasslaw.com/securities/mammoth-energy-services-inc-loss-submission-form/?id=2617&from=1

Cloudera, Inc. (NYSE: CLDR)

Investors Affected : April 28, 2017 – June 5, 2019

A class action has commenced on behalf of certain shareholders in Cloudera, Inc. The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that: (i) Cloudera was finding it increasingly difficult to identify large enterprises interested in adopting the Company’s Hadoop-based platform; (ii) Cloudera needed to expend an increasing amount of capital on sales and marketing activities to generate new revenues, even as new revenue opportunities were diminishing; and (iii) Cloudera had materially diminished sales opportunities and prospects and could not generate annual positive cash flows.

Shareholders may find more information at https://kclasslaw.com/securities/cloudera-inc-loss-submission-form/?id=2617&from=1

Kuznicki Law PLLC is committed to ensuring that companies adhere to responsible business practices and engage in good corporate citizenship. The firm seeks recovery on behalf of investors who incurred losses when false and/or misleading statements or the omission of material information by a Company lead to artificial inflation of the Company’s stock. Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:
Kuznicki Law PLLC
Daniel Kuznicki, Esq.
445 Central Avenue, Suite 344
Cedarhurst, NY 11516
Email: dk@kclasslaw.com
Phone: (347) 696-1134
Cell: (347) 690-0692
Fax: (347) 348-0967

SOURCE: Kuznicki Law PLLC

ReleaseID: 553528

NEW YORK, NY / ACCESSWIRE / July 26, 2019 / Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in CannTrust Holdings Inc. (“CannTrust” or the “Company”) (NYSE:CTST) of the September 9, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.

If you invested in CannTrust stock or options between November 14, 2018 and July 5, 2019 and would like to discuss your legal rights, click here: www.faruqilaw.com/CTST. There is no cost or obligation to you.

You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com.

CONTACT:
FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
rgonnello@faruqilaw.com
Telephone: (877) 247-4292 or (212) 983-9330

The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased CannTrust common stock between November 14, 2018 and July 5, 2019 (the “Class Period”). The case, Alvarado v. CannTrust Holdings Inc. et al., No. 19-cv-06438 was filed on July 11, 2019.

The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: 1) while the Company represented that its facilities were licensed, between October 2018 and March 2019 the Company had grown cannabis in five unlicensed rooms in violation of Canadian law causing the Company’s Niagara Perpetual Harvest Facility in Pelham, Ontario to be non-compliant with certain Canadian regulations; 2) that the Company had shipped unlicensed cannabis from the Company’s Niagara Perpetual Harvest Facility to at least StenoCare in Denmark in violation of the Canadian Cannabis Act; 3) that Company employees provided materially inaccurate information to Canadian regulators; and 4) that due to these undisclosed material negative conditions, the Company’s was facing undisclosed, material risks, including inventory holds of a material amount of the Company’s product, product shortages as a result of inventory holds, increased regulatory scrutiny, material delays to further licensing, and the material loss of customers

On July 8, 2019, CannTrust announced that its greenhouse facility in Pelham, Ontario, was audited by Health Canada and found to be “non-compliant.” Health Canada has placed a hold on approximately 5,200 kilograms of dried cannabis that was harvested in unlicensed rooms at the Pelham facility, until it deems CannTrust is compliant with regulations. CannTrust also said that it instituted a voluntary hold on approximately 7,500 kilograms of dried cannabis equivalent that also was produced in the unlicensed rooms.

On this news, the Company’s stock price fell from $4.94 per share on July 5, 2019 to $3.83 per share on July 8, 2019-a $1.11 or 22.47% drop.

Similarly, on July 9, 2019, MarketWatch reported that BMO Capital Markets downgraded CannTrust stock, the Financial Post reported that the Company’s Chief Executive Officer, Defendant Peter Aceto (“Aceto”) confirmed that some of the cannabis grown by Canntrust Holdings in unlicensed rooms at its Niagara facility has already been shipped to provinces across Canada, and MarketWatch reported that StenoCare, the Company’s Denmark-based joint venture partner, said it had received a number of batches of cannabis from CannTrust and after investigating, found that one was from part of the unlicensed CannTrust grow.

On this news, the Company’s stock price fell from $3.83 per share on July 8, 2019 to $3.60 per share on July 9, 2019-a $0.23 or 6.01% drop.

The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.

Faruqi & Faruqi, LLP also encourages anyone with information regarding CannTrust’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.

SOURCE: Faruqi & Faruqi, LLP

ReleaseID: 553526

NEW YORK, NY / ACCESSWIRE / July 26, 2019 / Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Kingstone Companies, Inc. (“Kingstone” or the “Company”) (NASDAQ: KINS) of the August 12, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.

If you invested in Kingstone stock or options between March 14, 2018 and April 29, 2019 and would like to discuss your legal rights, click here: www.faruqilaw.com/KINS. There is no cost or obligation to you.

You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com.

CONTACT:
FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
New York, NY 10017

Attn: Richard Gonnello, Esq.

rgonnello@faruqilaw.com

Telephone: (877) 247-4292 or (212) 983-9330

The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased Kingstone securities between March 14, 2018 and April 29, 2019 (the “Class Period”). The case, Woolgar v. Kingstone Companies, Inc. No. 1:19-cv-05500 was filed on June 12, 2019 and has been assigned to Judge Ronnie Abrams.

The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose; (1) that the Company did not adequately follow industry best practices related to claims handling; (2) that, as a result, the Company did not record sufficient claims reserves; (3) that the Company lacked adequate internal control over financial reporting; and (4) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

Specifically, on April 29, 2019, the Company disclosed a $2.5 million charge to its claims case

reserves and a $2.5 million charge to its incurred but not reported (“IBNR”) reserves, based on a “comprehensive review of [the Company’s] claims operations.” As a result of the charges, the Company “expects to end the full year with a combined ratio excluding catastrophe losses of 88% to 91% and catastrophe losses of 4 to 5 points.”

On this news, the Company’s stock price fell from $13.68 per share on April 29, 2019 to $11.61 per share on April 30, 2019- a $2.07 or 15.13% drop.

The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.

Faruqi & Faruqi, LLP also encourages anyone with information regarding Kingstone’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.

SOURCE: Faruqi & Faruqi, LLP

ReleaseID: 553523

NEW YORK, NY / ACCESSWIRE / July 26, 2019 / Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Reckitt Benckiser Group plc (“Reckitt” or the “Company”) (OTCMKT: RBGLY) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired Reckitt American Depositary Shares (“ADSs”) during the period between July 28, 2014 and April 9, 2019 (the “Class Period”).

Such investors are encouraged to join this case by visiting the firm’s site:www.bgandg.com/rbgly.

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 complaint alleges that before and throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose material adverse information. The complaint alleges that Reckitt was involved in a scheme that generated over $3 billion in proceeds enabling opiate abuse among U.S. consumers and mislead investors and the public concerning the health and safety risks of Suboxone Film, its new key opiate product. Specifically, the complaint alleges that Reckitt senior executives planned to switch prescribers from Suboxone Tablets to its Suboxone Film, which had similar active ingredients to Suboxone Tablets, but is dispensed by a thin film placed under the tongue and stored in single-use foil wrappings. In order to prevent generic competition, the company created a marketing campaign to hype the purported safety benefits of Suboxone Film over Suboxone Tablets. The complaint continues to allege that the campaign was fabricating safety concerns of existing treatments, hoping to delay the entry and approval of generics for Suboxone Tablets. As a result, the sales of Suboxone Film grew. From 2010 and 2014, Reckitt revenues from sales of the drug rose to over $840 million annually. As a result of defendants’ false and misleading statements and/or omissions regarding the alleged scheme, Reckitt ADSs traded at artificially inflated prices.

On July 24, 2017, Reckitt revealed with its second quarter 2017 financial results, that it had recorded a £318 million charge related to ongoing U.S. Department of Justice and U.S. Federal Trade Commission investigations into its former Reckitt Pharma operations. Following this news, Reckitt ADSs price dropped 5%. Then, on February 19, 2018, Reckitt revealed that it had incurred a £296 million charge due to the investigations, and that the investigations now also involved the California Department of Insurance. Following this news Reckitt ADSs price again dropped over 10%. Then on April 9, 2019, the DOJ filed a criminal indictment against Reckitt Pharma (now known as Indivior), specifying a multi-billion-dollar scheme to defraud investors and consumers through Suboxone Film marketing campaign. Following this news, Reckitt ADSs dropped over 6%.

If you wish to review a copy of the Complaint you can visit the firm’s site: www.bgandg.com/rbgly 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 Reckitt you have until September 16, 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.

Contact:

Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz

212-697-6484 | info@bgandg.com

SOURCE: Bronstein, Gewirtz & Grossman, LLC

ReleaseID: 552775

NEW YORK, NY / ACCESSWIRE / July 19, 2019 / Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Omnicell, Inc. (“Omnicell” or the “Company”) (NASDAQ: OMCL) of the September 16, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.

If you invested in Omnicell stock or options between October 25, 2018 and July 11, 2019 and would like to discuss your legal rights, click here: www.faruqilaw.com/OMCL. There is no cost or obligation to you.

You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com.

CONTACT:
FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
rgonnello@faruqilaw.com
Telephone: (877) 247-4292 or (212) 983-9330

The lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of all those who purchased Omnicell securities between October 25, 2018 and July 11, 2019 (the “Class Period”). The case, Bursick v. Omnicell, Inc., No. 3:19-cv-04150 was filed on July 18, 2019.

The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose material adverse facts about the Company’s business, operations, and prospects.

Specifically, Defendants made false and/or misleading statements and/or failed to disclose: (1) that the Company recognized revenue for certain transactions before fulfilling its performance obligations; (2) that the Company engaged in improper accounting practices to meet revenue targets; (3) that the Company experienced weaker demand for new product lines than it had previously projected; (4) that, as a result, the Company would be required to write-off certain inventory; (5) that the Company misclassified certain expenses as capitalized expenditures; and (6) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects and prospects were materially misleading and/or lacked a reasonable basis.

On July 11, 2019, GlassHouse Research LLC published a report alleging that Omnicell prematurely recognized over $38 million in sales. The report also alleged that new product lines had been pushed onto customers, who were hesitant to purchase more inventory because of implementation issues, and that the Company will need to write off $23 million in obsolete inventory.

On this news, Omnicell’s share price fell from $86.52 per share on July 10, 2019 to $75.11 per share on July 11, 2019-a $11.41 or a 13.19% drop.

The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.

Faruqi & Faruqi, LLP also encourages anyone with information regarding Omnicell’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.

SOURCE: Faruqi & Faruqi, LLP

ReleaseID: 553524

NEW YORK, NY / ACCESSWIRE / July 26, 2019 / Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Pivotal Software, Inc. (“Pivotal” or the “Company”)(NYSE:PVTL) of the August 19, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.

If you invested in Pivotal stock or options pursuant and/or traceable to the Company’s April 20, 2018 initial public offering (“IPO”) and/or between April 24, 2018 to June 4, 2019 (the “Class Period”) and would like to discuss your legal rights, click here: www.faruqilaw.com/PVTL. There is no cost or obligation to you.

You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com.

CONTACT:
FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
rgonnello@faruqilaw.com
Telephone: (877) 247-4292 or (212) 983-9330

The lawsuit has been filed in the U.S. District Court for the Northern District of California on behalf of all those who purchased Pivotal securities pursuant and/or traceable to the Company’s April 20, 2018 IPO and/or the Class Period. The case, Doherty v. Pivotal Software, Inc. et al., No. 19-cv-03589 was filed on June 20, 2019, and has been assigned to Judge Charles R. Breyer.

The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (i) Pivotal was facing major problems with its sales execution and a complex technology landscape; (ii) the foregoing headwinds resulted in deferred sales, lengthening sales cycles, and diminished growth as its customers and the industry’s sentiment shifted away from Pivotal’s principal products because the Company’s products were outdated, inadequate, and incompatible with the industry-standard platform; and (iii) as a result, the Company’s public statements were materially false and misleading at all relevant times

On June 4, 2019, post-market, Pivotal reported its financial and operating results for the first quarter of fiscal year 2020, advising investors that “sales execution and a complex technology landscape impacted the quarter.” Wedbush Securities analyst Daniel Ives called the quarter a “train wreck” and characterized the Company’s operating results as “disastrous,” asserting that Pivotal’s “management team does not have a handle on the underlying issues negatively impacting its sales cycles and the activity in the field which gives us concern that this quarter will be the start of some ‘dark days ahead’ for Pivotal (and its investors).”

On this news, Pivotal’s share price fell from $18.54 per share on June 4, 2019 to a closing price of $10.89 on June 5, 2019: a $7.65 or a 41.26% drop.

Since Pivotal’s IPO, the Company’s share price has declined from its IPO price of $15.00 by over 20%.

The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.

Faruqi & Faruqi, LLP also encourages anyone with information regarding Pivotal’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.

SOURCE: Faruqi & Faruqi, LLP

ReleaseID: 553521

NEW YORK, NY / ACCESSWIRE / July 26, 2019 / Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Ascena Retail Group, Inc. (“Ascena” or the “Company”)(NASDAQ:ASNA) of the August 6, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.

If you invested in Ascena stock or options between September 16, 2015 and June 8, 2017 and would like to discuss your legal rights, click here: www.faruqilaw.com/ASNA. There is no cost or obligation to you.

You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com.

CONTACT:
FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
rgonnello@faruqilaw.com
Telephone: (877) 247-4292 or (212) 983-9330

The lawsuit has been filed in the U.S. District Court for the District of New Jersey on behalf of all those who purchased Ascena common stock between September 16, 2015 and June 8, 2017 (the “Class Period”). The case, Newman v. Ascena Retail Group, Inc. et al., No. 19-cv-13529 was filed on June 7, 2019, and has been assigned to Judge Kevin McNulty.

The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose that the August 2015 acquisition of Ann Inc. (“Ann”), the parent company of Ann Taylor and LOFT (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. In order to mask the true condition of Ann, the Company 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.

On May 17, 2017, Ascena announced that it was revising its third quarter and full year 2017 sales and earnings outlook, due to “a period of unprecedented secular change that is disruptive to traditional business models,” and that the Company would be taking an impairment charge. Then on June 8, 2017, Ascena announced its third quarter 2017 financial results, reporting a GAAP loss of $5.29 per diluted share compared to net earnings of $.08 per diluted share in the year-ago period. The loss included a non-cash pre-tax impairment charge of $1.324 billion (after tax impact of $5.22 per diluted share) to write down a portion of the Company’s goodwill and other intangible assets.

On this news, Ascena’s share price fell from $2.82 per share on May 17, 2017 to a closing price of $1.82 on June 8, 2017: a $1.00 or a 34.46% drop.

The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.

Faruqi & Faruqi, LLP also encourages anyone with information regarding Ascena’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.

SOURCE: Faruqi & Faruqi, LLP

ReleaseID: 553518