SAN DIEGO, Oct. 14, 2017 /PRNewswire/ -- Shareholder rights
law firm Johnson Fistel, LLP announces that a class action has
commenced on behalf of purchasers of J.Jill, Inc. ("J.Jill") (NYSE:
Jill) common stock in or traceable to the Company's March 9, 2017 initial public offering (the
"IPO"). This action was filed in the District of Massachusetts and is captioned Branen v.
J.Jill, Inc., et al., No. 17-cv-11980.
If you wish to serve as lead plaintiff, you must move the Court
no later than 60 days from October 13,
2017. If you wish to discuss this action, have any questions
concerning this notice, or your rights or interests, please contact
Jim Baker (jimb@johnsonfistel.com)
at 619-814-4471. If you email, please include your phone
number. If you are a member of this class, you can view a
copy of the complaint as filed or join this class action online at
http://www.johnsonfistel.com. Any member of the putative
class may move the Court to serve as lead plaintiff through counsel
of their choice or may choose to do nothing and remain an absent
class member. The complaint charges J.Jill, certain of its officers
and directors, certain of the underwriters of the IPO and J.Jill's
controlling shareholder with violations of the Securities Act of
1933. J.Jill is a specialty apparel brand focused on affluent women
in the 40 to 65 age segment.
On or about February 10, 2017, the
Company filed with the SEC a registration statement on Form S-1 for
the IPO, which was subsequently amended and declared effective on
March 8, 2017 (the "Registration
Statement"). On March 9, 2017, the
Registration Statement was used to sell approximately 12.5 million
shares of J.Jill common stock to the investing public at
$13 per share.
According to the complaint, the Registration Statement
communicated that the Company's unique business strategy had
insulated it from adverse industry trends and, as a result, J.Jill
would be able to continue to grow its gross profits. The complaint
asserts that the statements in the Registration Statement were
false and misleading when made because the Company's purportedly
unique and superior sales and marketing approach had not insulated
the Company from adverse trends affecting the overall retail
industry. Moreover, the Company was carrying increasing amounts of
slow moving inventory and would need to significantly markdown sale
items and increase promotional efforts in an attempt to continue
its sales growth, and the Company's brick-and-mortar stores were
experiencing difficulty attracting customers and maintaining
profitability, which would result in the Company shuttering up to
eight stores in fiscal 2017 – thereby diminishing the Company's
gross margins and impairing its ability to service its long-term
debt. On October 12, 2017, J.Jill
common stock closed at $4.86 per
share, or more than 62% below its offering price only seven months
after the IPO.
Plaintiff seeks to recover damages on behalf of all purchasers
of J.Jill common stock in or traceable to the Company's
March 9, 2017 IPO (the "Class").
About Johnson Fistel,
LLP:
Johnson Fistel, LLP is a
nationally recognized shareholder rights law firm with offices in
California, New York and Georgia. The firm represents individual and
institutional investors in shareholder derivative and securities
class action lawsuits. For more information about the firm and its
attorneys, please visit http://www.johnsonfistel.com. Attorney
advertising. Past results do not guarantee future outcomes.
Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
jimb@johnsonfistel.com
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SOURCE Johnson Fistel, LLP