investors can contact Provide Law Firms with Details on Loss Recovery for Free
LOS ANGELES, Jan. 16, 2023 (GLOBE NEWSWIRE) — Portnoy Law Firm is offering to the investors of The Gap, Inc. (“Gap” or the “Company”) (NYSE: GPS) on behalf of the purchasing investors I advise that a lawsuit has been filed. Securities from November 24, 2021 to July 11, 2022.
Investors are encouraged to contact attorney Lesley F. Portnoy at 844-767-8529 or email lesley@portnoylaw.com to discuss legal rights. Portnoy Law Firm offers a free case evaluation and can discuss an investor’s options for pursuing a claim to recover losses.
Following the market closure on April 21, 2022, the company announced that Old Navy CEO Nancy Green has stepped down. The news sent Gap’s stock price down by $2.57 per share, or 17%, and on April 22, 2022, she closed at $11.72 per share, hurting investors.
Then, on May 20, 2022, The Wall Street Journal reported that Old Navy’s comprehensive and expanded sizing campaign, BODEQUALITY, resulted in “too many extra-small and extra-large items and too few remaining items. It became a mismatch.” This frustrated customers, led to a decline in sales and the restructuring of the company. The article also noted that Old Navy accounted for his 54% of Gap’s sales and about 80% of its profits, and that Gap had warned that Old Navy’s troubles would cause sales to fall short of expectations in the spring quarter. pointed out. The news caused Gap’s stock price to drop by $0.86 (7.7%) for him, and on May 23, 2022, he closed at $10.33 per share, hurting investors.
Subsequently, on May 27, 2022, the company announced financial results for the first quarter of 2022, in which the results were “impact of Old Navy’s size and assortment missteps related to BODEQUALITY,” and global supply. I have admitted that I was affected by the chaos of the chain. The news caused Gap’s stock price to drop 4.9% for him, and on May 31, 2022, he closed at $11.03 per share.
Later, after market hours on July 11, 2022, Gap announced that its president and CEO had stepped down and resigned from its board of directors. The news caused Gap’s stock price to drop by $0.44 (5%) for him, and on July 12, 2022, he closed at $8.32 per share, further hurting investors.
The complaint filed in this class action alleges that, throughout the class, defendants made materially false and/or misleading statements and failed to disclose material adverse facts regarding the company’s business, operations and prospects. I’m here. Specifically, defendants failed to disclose to investors: (1) Related to BODEQUALITY, there was a misstep in Old Navy’s sizing and assortment that negatively impacted Old Navy’s margins and financial results. (2) Contrary to our statements, the inventory risk associated with BODEQUALITY did exist and adversely affected our operations. (3) as a result, defendant’s positive statements regarding the Company’s business, operations and prospects were materially misleading and/or without reasonable basis at all relevant times;
Please visit our website for more information and to submit your transaction information.
Portnoy Law Firm represents investors pursuing claims arising from corporate misconduct. A founding partner of the company, he recovered more than $5.5 billion for the victims of the investor. Advertisement for lawyers. Previous results are no guarantee of similar results.
Lesley F. Portnoy, Esq.
Certified CA and NY bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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