NEW YORK, Nov. 8, 2017 /PRNewswire/ -- Notice is hereby given that a class action lawsuit has been filed, on behalf of shareholders of J.Jill, Inc, ("J.Jill" or the "Company") (NYSE: JILL) who held J.Jill securities and have been harmed by J.Jill and its board of directors' (the "Board") for alleged violations of Sections 14(a), and 20(a) of the Securities Exchange Act of 1934 (the "Exchange Act").
The Complaint alleges that Defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) J. Jill's purportedly unique and superior sales and marketing approach had not insulated the Company from adverse trends affecting the overall retail industry; (ii) J. Jill's historic gross margin growth was not sustainable and would not continue, as it relied on revenues from shipping fees, increased promotional efforts and other short-term boosts to revenues; (iii) the Company was carrying increasing amounts of slow moving inventory and would need to significantly markdown sales items and increase promotional efforts in an attempt to continue its sales growth; (iv) the Company's brick-and-mortar stores were failing, as they were experiencing difficulty attracting customers and maintaining profitability, which would result in the Company shuttering up to eight stores in fiscal 2017, with the rate of store closures accelerating; (v) J. Jill's business, prospects and ability to service its long-term debt had been materially impaired; and (vi) as a result of the foregoing, J. Jill's public statements were materially false and misleading at all relevant times.
Following this news, J. Jill stock closed at $4.86 per share. This price represented a greater than 62% decline from the price at which J. Jill stock had been sold to the investing public only seven months earlier.
If you wish to serve as lead plaintiff, you must move the Court no later than December 12, 2017. 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. If you wish to discuss this action, or have any questions concerning this notice or your rights or interests, please contact:
Click here for more information: www.monteverdelaw.com/investigations/m-a/ It is free and there is no cost or obligation to you.
Monteverde & Associates PC is a boutique class action securities and consumer litigation law firm committed that has recovered millions of dollars and is committed to protecting shareholders and consumers from corporate wrongdoing. Monteverde & Associates PC lawyers have significant experience litigating Mergers & Acquisitions and Securities Class Actions, whereby they protect investors by recovering money and remedying corporate misconduct.
Juan E. Monteverde, Esq.
MONTEVERDE & ASSOCIATES PC
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New York, NY 10118
United States of America
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