Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, June 01, 2022 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises The Gap, Inc. (NYSE: GPS) investors that the firm has initiated an investigation into possible securities fraud and may file a class action on behalf of investors. The Gap investors that lost money on their investment are encouraged to contact Lesley Portnoy, Esq.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 844-767-8529 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
On May 20, 2022, during trading hours, The Wall Street Journal published an article entitled “Old Navy Made Clothing Sizes for Everyone. It Backfired. The clothing brand’s push for inclusivity left it with a shortage of middle sizes. ‘It’s super-frustrating.’” The article stated that “Old Navy set out to make clothes shopping more inclusive for women of all body types. It ended up with too many extra-small and extra-large items and too few of the rest, a mismatch that frustrated customers and contributed to falling sales and a management shake-up.” Further, the article stated that “Gap warned that sales for the spring quarter would fall short of expectations in part due to troubles at Old Navy[,]” but that “[t]he extended sizes were the culprit, according to current and former employees.” Finally, the article stated that “Old Navy’s stumbles don’t bode well for Gap Inc. In 2021, Old Navy accounted for 54% of the company’s sales and roughly 80% of profits[.]”
On this news, Gap Inc.’s stock fell 5% to close at $10.33 per share on May 23, 2022, the next full trading day.
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The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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