NEW YORK, July 26, 2013 (GLOBE NEWSWIRE) -- Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of investors who purchased Kohl's Corporation ("Kohl's" or the "Company") (NYSE:KSS) commons stock during the period between February 26, 2009 and September 13, 2011.
Click here to learn more about the action http://zlk.9nl.com/kohls-kss/, or call: 877-363-5972. There is no cost or obligation to you.
The complaint alleges that the Company misrepresented and/or failed to disclose that: a) the Company's reported debt was materially understated; b) the Company's reported equity was materially overstated; c) the Company's leverage ratios were materially understated; d) the financial statements issued by the Company during the class period were materially false and misleading; and e) the Company violated standards of accounting associated with regards to disclosure of leases.
On August 4, 2011, the Company announced that certain errors were discovered in its accounting for its leases. Following this statement, the price of Kohl's common stock declined nearly 8%, to close at $47.67. The company filed a Form 8-K reporting that, as a result of these accounting errors, the financial statements included in 2010 Form 10-K and first quarter 2011 Form 10-Q could no longer be relied upon. On this news, Kohl's stock dropped 2.5% another closing at $43.87 on September 8, 2011.
Shareholders of Kohl's have until September 23, 2013 to seek appointment as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. To obtain additional information, contact Joseph E. Levi, Esq. either via email at jlevi@zlk.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://zlk.9nl.com/kohls-kss/.
Levi & Korsinsky is a national firm with offices in New York, New Jersey, and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. Attorney advertising. Prior results do not guarantee similar outcomes.