BENSALEM, Pa.–(BUSINESS WIRE)–$ASNA #classaction–Law Offices of Howard G. Smith announces an investigation on behalf of
Ascena Retail Group (“Ascena” or the “Company”) (NASDAQ: ASNA)
investors concerning the Company and its officers’ possible violations
of federal securities laws.
On May 18, 2015, the Company announced that it would acquire ANN Inc.
for a combination of cash and stock.
On September 19, 2016, the Company filed a Form 10-K for fiscal year
ended July 30, 2016, that reported $733.9 million goodwill related to
ANN, which is a $225.7 million reduction.
On this news, the Company’s share price fell $2.43, or nearly 30%, to
close at $5.69 on September 20, 2016, thereby injuring investors.
Then, on May 17, 2017, the Company revised its third quarter and full
fiscal year 2017 sales and earnings outlook, further noting that the
Company would be taking an unspecified impairment charge.
On this news, the Company’s share price fell $0.76, or nearly 27%, to
close at $2.06 on May 18, 2017, thereby further injuring investors.
Then, on June 8, 2017, the Company issued a press release regarding its
third quarter financial results, reporting a GAAP loss of $5.29 per
diluted share compared to net earnings of $0.08 per diluted share for
the same period in the year prior. The loss included a $1.324 billion
impairment charge to the Company’s goodwill and other intangible assets.
If you purchased Ascena securities, have information or would like to
learn more about these claims, or have any questions concerning this
announcement or your rights or interests with respect to these matters,
please contact Howard G. Smith, Esquire, of Law Offices of Howard G.
Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by
telephone at 215-638-4847, toll-free at 888-638-4847, or by email to [email protected],
or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
[email protected]
www.howardsmithlaw.com
