Stockholders v Limited Brands, Inc.
Stockholders File Lawsuit Against Limited Brands, Inc.
According to a press release dated November 06, 2009, the complaint charges Limited Brands and certain of its officers and directors with violations of the Exchange Act. Limited Brands is a specialty retailer of womens intimate and other apparel, beauty and personal care products and accessories under various trade names, including Victorias Secret. The Company sells merchandise through retail stores, which are primarily mall-based, in the United States and Canada, and through websites and catalogues.
The complaint alleges that, throughout the Class Period, defendants made numerous positive statements regarding the Companys financial condition, business and prospects. The complaint further alleges that these statements were materially false and misleading when made because defendants failed to disclose adverse events surrounding the development of a new warehouse and certain technology.
On February 27, 2008, Limited Brands issued a press release reporting fourth quarter and full year 2007 earnings. This press release significantly lowered the Companys previously issued guidance for 2008. In response to the announcement, the price of Limited Brands common stock fell from $17.82 on February 27, 2008 to $15.85 on February 28, 2008 on heavy trading volume.
If you bought Limited Brands, Inc. securities and would like to obtain information about the Limited Brands, Inc. lawsuit, then you are invited to call Kahn Swick & Foti, LLC toll free at (866) 467-1400 extension 100 to speak with an attorney or visit www.ksfcounsel.com.
