NEW YORK–(BUSINESS WIRE)–$LB #lbrands—Scott+Scott Attorneys at Law LLP (“Scott+Scott”), an international securities and consumer rights litigation firm, reminds investors of a federal class action lawsuit pending against L Brands, Inc. (“L Brands”) (NYSE: LB) and the September 23, 2019 deadline to move for lead plaintiff.
If you purchased L Brands shares before November 19, 2018, you are encouraged to contact Scott+Scott attorney Joe Pettigrew at (844) 818-6982 or [email protected] for more information.
According to the complaint, L Brands and the other defendants made false and misleading statements and/or failed to disclose that: (1) the Victoria’s Secret and PINK businesses were having a material adverse effect on L Brands’s cash flow, liquidity, and debt levels; (2) defendants lacked a reasonable basis for their positive statements about the ability of L Brands to sustain its dividend; (3) the MD&A disclosures, risk factor disclosures, representations about L Brands’s disclosure controls in filings L Brands made with the U.S. Securities and Exchange Commission, and certifications issued by the Chief Executive Officer and Chief Financial Officer on L Brands’s disclosure controls were materially false and misleading; and (4) based on the foregoing, defendants lacked a reasonable basis for their positive statements about L Brands’s then-current business operations and future financial prospects.
On November 19, 2018, L Brands reduced its annual ordinary dividend from $2.40 to $1.20 to deleverage the balance sheet over time. On this news, shares of L Brands fell nearly 18% to close at $28.43 per share on November 20, 2018.
What You Can Do
If you purchased L Brands stock on or before November 19, 2018, or if you have questions about this notice or your legal rights, please contact attorney Joe Pettigrew at (844) 818-6982 or [email protected], or visit the L Brands litigation page on our website at https://scott-scott.com/investigation/l-brands-inc/. The deadline to move for lead plaintiff is September 23, 2019.
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Amsterdam, Connecticut, California, and Ohio.
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Contacts
Joe Pettigrew
Scott+Scott Attorneys at Law LLP
230 Park Ave, 17th Floor, NY, NY 10169
(844) 818-6982
[email protected]
