Globe Newswire 14-Jun-2019 3:00 PM
NEW YORK, June 14, 2019 (GLOBE NEWSWIRE) -- Pawar Law Group announces that a class action lawsuit has been filed on behalf of shareholders who purchased shares of Ascena Retail Group, Inc. (NASDAQ:ASNA) from September 16, 2015 through June 8, 2017, inclusive (the "Class Period"). The lawsuit seeks to recover damages for Ascena investors under the federal securities laws.
To join the Ascena class action, go to http://pawarlawgroup.com/cases/ascena-retail-group-inc/ or call Vik Pawar, Esq. toll-free at 888-589-9804 or email firstname.lastname@example.org for information on the class action.
According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) the Company'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) defendants' positive statements about Ascena's business, operations, and prospects were materially misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than August 6, 2019. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.
No class has been certified. Until a class is certified, you are not represented by counsel unless you hire one. You may hire counsel of your choice. You may also do nothing at this time and be an absent member of the class. Your ability to share in any future recovery is not dependent upon being a lead plaintiff.
Pawar Law Group represents investors from around the world.
Vik Pawar, Esq.
Pawar Law Group
20 Vesey Street, Suite 1210
New York, NY 10007
Tel: (917) 261-2277
Fax: (212) 571-0938