LOS ANGELES–(BUSINESS WIRE)–$ASNA #CLASSACTION–Glancy Prongay & Murray LLP (“GPM”) 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.
If you are a shareholder who suffered a loss, click here to
participate.
If you wish to learn more about this action, or if you have any
questions concerning this announcement or your rights or interests with
respect to these matters, please contact Lesley Portnoy, Esquire, at
310-201-9150, Toll-Free at 888-773-9224, or by email to [email protected],
or visit our website at www.glancylaw.com.
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 Lesley Portnoy, of GPM, 1925 Century Park East, Suite
2100, Los Angeles, CA 90067 at 310-201-9150, Toll-Free at 888-773-9224,
or visit our website at www.glancylaw.com.
If you inquire by email please include your mailing address, telephone
number, and the number of shares purchased.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
Contacts
Glancy Prongay and Murray LLP, Los Angeles
Lesley Portnoy,
310-201-9150 or 888-773-9224
www.glancylaw.com
[email protected]
