NEW YORK, Sept. 06, 2022 (GLOBE NEWSWIRE) — Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Kohl’s Corporation (“Kohl’s” or the “Company”) KSS in the United States District Court for the Eastern District of Wisconsin on behalf of investors who purchased or otherwise acquired Kohl’s common stock between October 20, 2020 and May 19, 2022, both dates inclusive (the “Collection Period”).

The lawsuit alleges that the defendants made false and/or misleading statements and/or failed to disclose the following: (i) Kohl’s strategic plan was not well tailored to achieve the Company’s stated goals; (ii) Defendants had also overstated the Company’s success in executing its strategic plan; (iii) Kohl’s had deficient disclosure controls and procedures, internal controls over financial reporting and corporate governance mechanisms; (iv) as a result, the Company’s Board of Directors was able to withhold from shareholders material information regarding the condition of Kohl’s in advance of the Company’s annual general meeting; (v) all of these, once discovered, would be likely to have a material adverse effect on Kohl’s financial condition and reputation; and (vi) as a result, the Company’s public statements have been materially false and misleading at all relevant times.

On May 19, 2022, Kohl’s issued a press release announcing the company’s results for the first quarter of fiscal 2022, which included, among other things, net sales expected to be just 1% (compared to Wall Street consensus growth of Q1 .94%) and earnings per share are up $0.11 (missing estimates up $0.59), a revenue number that just beat expectations and the company’s decision to cut its full-year earnings guidance. These results conflicted with defendants’ accounts of the successful execution of the Company’s strategic plan, which was allegedly designed to drive revenue growth and position the Company for long-term success. The press release further quoted Kohl’s chief executive officer, the accused…