|Company name||Ascena Retail Group, Inc. (NASDAQ: ASNA)|
NEW YORK, August 26, 2019 – Bragar Eagel & Squire, P.C. is investigating potential claims against Ascena Retail Group, Inc. (NYSE: ASNA) on behalf of Ascena investors. Our investigation concerns whether Ascena has violated the federal securities laws and/or engaged in other unlawful business practices.
Bragar Eagel and Squire is investigating certain officers and directors of Ascena Retail Group, Inc. following a class action complaint that was filed against Ascena on June 7, 2019.
In August 2015, Ascena completed the acquisition of Ann Inc. (“Ann”), the parent company of Ann Taylor and LOFT (the “Ann Acquisition”).
The complaint alleges that during the Class Period, defendants made materially misleading statements and/or failed to disclose adverse information regarding Ascena’s business and operations. Specifically, the complaint alleges that defendants failed to disclose that the Ann Acquisition was a complete disaster for the Company as Ann’s operations were in far worse condition than had been represented to the public; that, in order to mask the true condition of Ann, defendants improperly delayed recognizing an impairment charge to the value of Ann’s goodwill and, as a result, Ascena’s reported income and assets were materially overstated and the Company’s financial results were not prepared in conformity with Generally Accepted Accounting Principles (“GAAP”); and that many of the brands acquired in the Ann Acquisition were in steep decline and were also materially overvalued on Ascena’s Class Period financial statements. As a result of this information being withheld from the market, the price of Ascena common stock was artificially inflated to more than $14 per share during the Class Period.
If you are a long-term stockholder of Ascena shares, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at firstname.lastname@example.org, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.