The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the United States District Court for the District of New Jersey on behalf of investors who purchased Ascena Retail Group, Inc. (NASQAQGS: ASNA) securities between September 16, 2015 and June 8, 2017.
According to the Ascena lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (a) the ANN Acquisition was a complete disaster for the Company as Ann’s operations were in far worse condition than had been represented to the public; (b) in order to mask the true condition of Ann, Defendants improperly delayed recognizing an impairment charge to the value of Ann’s goodwill and, as a result, Ascena’s reported income and assets were materially overstated and the Company’s financial results were not prepared in conformity with GAAP; (c) many of the brands acquired in the ANN Acquisition were in steep decline and were also materially overvalued on Ascena’s Class Period financial statements; and (d) as a result of the foregoing, Defendants lacked a reasonable basis for their positive statements about the Company, its operations and prospects.
If you suffered a loss in Ascena you have until August 6, 2019 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
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