Glancy Prongay & Murray Announces the Filing of a Securities Class Action on Behalf of Target Corp. Investors & Encourages In...
July 13 2016 - 10:30AM
Business Wire
Glancy Prongay & Murray LLP (“GPM”) announces that a
class action lawsuit has been filed on behalf of investors who
purchased Target Corp. (“Target” or the “Company”) (NYSE: TGT)
securities between February 27, 2013 and May 19, 2014,
inclusive (the “Class Period”). Target investors have
until July 18, 2016 to file a lead plaintiff
motion.
Investors suffering losses on their Target investments are
encouraged to contact Lesley Portnoy of GPM to discuss their legal
rights in this class action at 310-201-9150 or by e-mail to
shareholders@glancylaw.com.
The Complaint alleges that throughout the Class Period,
Defendants made materially false and misleading statements
regarding the Company’s business, operational and compliance
policies. Specifically, Defendants made false and/or misleading
statements and/or failed to disclose that: (1) at the time of the
opening of Target's first group of stores in Canada, Target had
significant problems with its supply chain infrastructure,
distribution centers, and technology systems, as well as
inadequately trained employees; (2) these problems caused
significant, pervasive issues, including excess inventory at
distribution centers and inadequate inventory at retail locations;
(3) the excess inventory at distribution centers and lack of
inventory at retail locations forced Target to heavily discount
products and incur heavy losses; (4) the supply-chain and personnel
problems were not typical of newly launched locations in Target's
traditional U.S.-based market; and (5) as a result, Target’s public
statements were materially false and misleading at all relevant
times.
Beginning on February 27, 2013, Target repeatedly presented a
positive outlook concerning its current and projected operations in
Canada, including issuing strong financial and operational guidance
for fiscal 2013. However, the Company allegedly failed to disclose
to investors that Target’s Canadian expansion had encountered
significant operational problems.
Over the course of several weeks the Company slowly revealed to
investors the truth regarding its overall underperformance, and the
significant problems in its Canadian operations. The Company
disclosed to investors that the string of weak performances from
Target’s Canadian operations resulted from significant undisclosed
operational issues. Eventually, Target announced plans to
discontinue its Canadian operations, even filing for bankruptcy
protection in Canada. Target investors suffered harm after the
Company’s share price declined in value due to the slow revelation
of the Company’s underperformance.
If you purchased shares of Target during the Class Period you
may move the Court no later than July 18, 2016 to
ask the Court to appoint you as lead plaintiff if you meet certain
legal requirements. To be a member of the Class you need not take
any action at this time; you may retain counsel of your choice or
take no action and remain an absent member of the Class. If you
wish to learn more about this action, or if you have any
questions concerning this announcement or your rights or interests
with respect to these matters, please contact Lesley Portnoy,
Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles
California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by
e-mail to shareholders@glancylaw.com, or visit our website at
http://glancylaw.com. If you inquire by e-mail please include your
mailing address, telephone number and number of shares
purchased.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: http://www.businesswire.com/news/home/20160713005442/en/
Glancy Prongay and Murray LLP, Los AngelesLesley Portnoy,
310-201-9150 or
888-773-9224https://www.glancylaw.comshareholders@glancylaw.com
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