SHAREHOLDER ALERT: L Brands, Inc. (LB) Misled Shareholders According to a Recently Filed Lawsuit; The Law Offices of Timothy L. Miles Encourages L Brands Shareholders to Contact the Firm
HENDERSONVILLE, TN / ACCESSWIRE / August 2, 2019 / The Law Offices of Timothy L. Miles, who has been leading the fight to protect shareholder rights for over 18 years, announces that a purchaser of L Brands, Inc. (LB) has filed a class action complaint against the company for alleged violations of the Securities Exchange Act of 1934 between May 31, 2018 and November 19, 2018. L Brands is a specialty retailer of women's intimate apparel and beauty and home fragrance products. Among its brands includes Victoria's Secret and PINK, which accounts for more than half of L Brands' business.
L Brands Accused of Making False and Misleading Statements
According to the complaint, in an attempt to drive sales in the face of increasing competition, Victoria's Secret and PINK engaged in heavy promotional activities that offered consumers large discounts and even gave away items free of charge. As a result, Victoria's Secret and PINK's combined annual operating income declined by approximately 61%. L Brands' deteriorating operating performance and decreasing operating cash flows prompted analysts to frequently question the sustainability of L Brands' dividends. L Brands' CFO responded by assuring L Brands had sufficient cash flow to sustain its dividends and that "in [L Brands'] history, [it] has never reduced the dividend." However, these statements proved to be materially false and misleading when in November 2018, just weeks after issuing these positive assurances, L Brands announced it was cutting its dividend in half. Since this news, L Brands stock price has declined approximately 25% and currently trades at $24.31
The Law Offices of Timothy L. Miles Encourages L Brands Shareholders to Contact the Firm
If you purchased L Brands securities, have information, or 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 Timothy L. Miles, Esquire, at 615-587-7384, Toll-Free at 855-846-6529, or by email to tmiles@timmileslaw.com. If you inquire by email please include your mailing address, telephone number, and the number shares owned.
About Timothy L. Miles
Timothy L. Miles is a nationally recognized shareholder rights attorney born and raised in Nashville, Tennessee. Mr. Miles maintains the AV Preeminent Rating by Martindale-Hubbell, their highest rating for both legal ability and ethics, and is a member of the prestigious Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association, is also a superb rated attorney by Avvo, and the only class action lawyer in Nashville with an Avvo rating of 10, their highest rating available. Awards: Member of the Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association (2017-2019); AV® Preeminent™ Rating by Martindale-Hubble® (2014-2019); PRR AV Preeminent Rating on Lawyers.com (2017 & 2019); The Top-Rated Lawyer in Litigation™ for Ethical Standards and Legal Ability (Martindale-Hubble® 2015); Superb Rated Attorney (Avvo); Avvo Top Rated Lawyer for 2017 & 2018 (Avvo); America's Most Honored Professionals 2018 - Top 1% (The American Registry 2016-2018).
Contact:
Timothy L. Miles, Esq.
Law Offices of Timothy L. Miles
124 Shiloh Ridge
Hendersonville, TN 37075
Telephone: (855-846-6529)
Email: tmiles@timmileslaw.com Website: www.timmileslaw.com
SOURCE: The Law Offices of Timothy L. Miles
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