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Newsfile 25-Jan-2023 5:13 PM
New York, New York--(Newsfile Corp. - January 25, 2023) - Pomerantz LLP is investigating claims on behalf of investors of The Gap, Inc. ("Gap" or the "Company") (NYSE:GPS). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 7980.
The investigation concerns whether Gap and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On April 21, 2022, Gap announced that Nancy Green had stepped down from her role as Chief Executive Officer ("CEO") of Gap's Old Navy brand.
On this news, Gap's stock price fell $2.57 per share, or 17.98%, to close at $11.72 per share on April 22, 2022.
On May 20, 2022, The Wall Street Journal published an article revealing that Gap had improperly managed inventory of plus-size clothing at its Old Navy stores, causing material declines in margins and business results.
On this news, Gap's stock price fell $0.86 per share, or 7.69%, over the following two trading sessions, closing at $10.33 per share on May 23, 2022.
On May 27, 2022, Gap filed its quarterly report for the period ended April 30, 2022 with the U.S. Securities and Exchange Commission. Among other items, Gap acknowledge that execution missteps in size and assortment of inventory at Old Navy had adversely impacted the Company's financial results.
On this news, Gap's stock price fell $0.57 per share, or 4.91%, to close at $11.03 per share on May 31, 2022.
Finally, on July 11, 2022, Gap announced the resignation of Sonia Syngal from her position as Gap's President and CEO, as well as from the Company's Board of Directors.
On this news, Gap's stock price fell $0.44 per share, or 5.02%, to close at $8.32 per share on July 12, 2022.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, 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, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz 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.pomlaw.com.
Robert S. Willoughby
888-476-6529 ext. 7980
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/152518