Class-action suit accuses Kohl's of securities violations
Menomonee Falls, Wis. – Bernstein Liebhard has filed a securities class-action complaint in the U.S. District Court for the Southern District of New York on behalf of all those who purchased shares of Kohl's Corp. between Feb. 26, 2009. and Sept. 13, 2011. The complaint alleges that Kohl's and some of its executives and directors violated the Securities Exchange Act of 1934 during that time period by materially understating the company’s reported debt, overstating reported equity, materially understating leverage ratios and not complying with other accounting and financial reporting requirements.
In August 2011, Kohl’s reported errors in accounting for its leases, which eventually resulted in a loss of stock value the following month. Anyone who invested in Kohl's shares during the class period and either lost money on the transaction or still holds the stock may be eligible to participate in the suit. Kohl’s has not released a statement in response to the complaint.