LOS ANGELES, CA / ACCESSWIRE / September 14, 2019 / The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against L Brands, Inc. (“L Brands” or “the Company”) (NYSE:LB) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
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The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
According to the Complaint, the Company made false and misleading statements to the market. L Brands’ Victoria’s Secret and PINK stores experiencing worsening performance due in part to competing lingerie brands. The Company worked to drive sales through heavy promotional efforts such as offering customers discounts and free items. Although these tactics helped L Brands fight declines in sales, they impacted profit margins and cash flow negatively, also hurting the Company’s liquidity. When asked by market analysts about the sustainability of the Company’s dividend, executives replied that the Company “in its history, ha[d] never reduced the dividend.” Just weeks later, L Brands announced it was cutting its dividend in half to pay down debts. On this news, shares of L brands dropped by 18% on November 20, 2018. Based on these facts, the Company’s public statements were false and materially misleading throughout the class period. When the market learned the truth about L Brands, investors suffered damages.
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SOURCE: The Schall Law Firm
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