STEVENSON, Md., July 25, 2013 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of Kohl's Corporation ("Kohl's" or the "Company") (NYSE:KSS) common stock during the period between February 26, 2009 and September 13, 2011, inclusive (the "Class Period").
If you have suffered a net loss from investment in Kohl's Corporation common stock purchased on or after February 26, 2009, and held through any of the revelations of negative information on August 4, 2011, and/or September 8, 2011, as described below, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at email@example.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than September 23, 2013 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Company units during the Class Period.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period that the Company's reported equity was materially overstated, that the Company's reported debt and leverage ratios, including its debt to equity ratio, were materially understated, and that the Company had violated accounting standards in connection with the accounting for its leases. According to the complaint, following the Company's August 4, 2011 disclosure that it had identified certain errors in accounting for its leases, and the Company's September 8, 2011 disclosure that it was unable to file its Form 10-Q for the quarter ended July 30, 2011 because of errors in its accounting for both store and equipment leases, the value of Kohl's shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
CONTACT: Charles J. Piven Brower Piven, A Professional Corporation Stevenson, Maryland 410/415-6616 firstname.lastname@example.orgSource: Brower Piven, A Professional Corporation