NEW YORK, Jan. 29, 2023 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating the allegations on behalf of the investors of The Gap, Inc. (“Gap” or “we”) (NYSE: GPS). Such investors are encouraged to contact Robert S. Willoughby. newaction@pomlaw.com or 888-476-6529, ext. 7980.
This investigation concerns whether Gap and some of its officers and/or directors are involved in securities fraud or other unlawful business practices.
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On April 21, 2022, Gap announced that Nancy Green has stepped down from her role as CEO of Gap’s Old Navy brand.
The news sent Gap’s stock price down $2.57 per share, or 17.98%, to close at $11.72 per share on April 22, 2022.
May 20, 2022, wall street journal Gap published an article revealing that it had mismanaged its plus-size clothing inventory at Old Navy stores, causing a significant drop in profit margins and results.
The news sent Gap’s stock price down $0.86 per share, or 7.69%, over the next two trading sessions, closing at $10.33 per share on May 23, 2022.
On May 27, 2022, Gap filed its quarterly report for the period ended April 30, 2022 with the U.S. Securities and Exchange Commission. Among other items, Gap acknowledged that Old Navy’s mis-execution of sizing and inventory assortment negatively impacted the company’s financial results.
The news caused Gap’s share price to drop $0.57 per share, or 4.91%, to close at $11.03 per share on May 31, 2022.
Finally, on July 11, 2022, Gap announced that Sonia Syngal is stepping down from her position as President and CEO of Gap and from the company’s board of directors.
The news sent Gap’s stock price down $0.44 per share, or 5.02%, to close at $8.32 per share on July 12, 2022.
With offices in New York, Chicago, Los Angeles, Paris and Tel Aviv, Pomerantz LLP is recognized as one of the leading law firms in the corporate, securities and antitrust class action fields. Founded by the late Abraham L. Pomerantz, known as the Chief of the Class Action Tribunal, Pomeranz is a pioneer in the field of securities class actions. Today, more than 85 years later, Pomeranz continues the tradition he established by fighting for the rights of victims of securities fraud, fiduciary breaches and corporate misconduct. The firm has recovered numerous multi-million dollar damages on behalf of members of class action lawsuits.look www.pomlaw.com.
contact:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
