NEW YORK, July 26, 2019 /PRNewswire/ -- Bernstein
Liebhard LLP, a nationally acclaimed investor rights law firm,
announces that a securities class action lawsuit has been filed on
behalf of those who purchased or acquired the securities of L
Brands, Inc. ("L Brands" or the "Company") (NYSE: LB) between
May 31, 2018 and November 19, 2018, inclusive. The lawsuit seeks
to recover L Brands' shareholders' investment losses.
If you purchased L Brands securities, and/or would like to
discuss your legal rights and options please visit L Brands
Shareholder Class Action Lawsuit or contact Matthew E. Guarnero toll free at (877)
779-1414 or MGuarnero@bernlieb.com.
According to the lawsuit, throughout the Class Period, the
Defendants failed to disclose adverse information regarding L
Brands' business and prospects, which caused L Brands stock to
trade at artificially inflated prices of more than $37 per share during the Class Period.
Specifically, the complaint alleges that, prior to and during the
Class Period L Brands' Victoria's Secret and PINK businesses began
to experience deteriorating operating performance due to, among
other things, increased competition from new lingerie brands. In an
attempt to drive sales and retain market share in the face of
increasing competition, Victoria's Secret and PINK engaged in heavy
promotional activities by offering consumers large discounts and
even giving items free of charge. While this marketing strategy
helped to mitigate sales declines, it adversely impacted the
Company's profit margins and cash flows and had a deleterious
impact on the Company's liquidity. In response to questions from
securities analysts about the sustainability of the Company's
dividends, defendants repeatedly stated that L Brands had
sufficient cash flow and cash on hand to sustain its dividends and
that the Company, "in its history, ha[d] never reduced the
dividend."
After the market closed on November 19,
2018, L Brands issued a press release announcing its
financial results for the 2018 third quarter, the period ended
November 3, 2018. The press
release also announced that L Brands intended to reduce its annual
ordinary dividend to $1.20 from
$2.40 beginning with the quarterly
dividend to be paid in March 2019 in
order to deleverage.
If you purchased L Brands securities, and/or would like to
discuss your legal rights and options please visit
https://www.bernlieb.com/cases/lbrandsinc-lb-shareholder-lawsuit-class-action-fraud-stock-159/
or contact Matthew E. Guarnero toll
free at (877) 779-1414 or MGuarnero@bernlieb.com.
If you wish to serve as lead plaintiff, you must move the court
no later than September 23, 2019. A
lead plaintiff is a representative party acting on behalf of other
class members in directing the litigation. Your ability to share in
any recovery doesn't require that you serve as lead plaintiff. If
you take no action, you may remain an absent class member.
Since 1993, Bernstein Liebhard LLP has recovered over
$3.5 billion for its clients. In
addition to representing individual investors, the Firm has been
retained by some of the largest public and private pension funds in
the country to monitor their assets and pursue litigation on their
behalf. As a result of its success litigating hundreds of lawsuits
and class actions, the Firm has been named to The National Law
Journal's "Plaintiffs' Hot List" thirteen times and listed in The
Legal 500 for ten consecutive years.
ATTORNEY ADVERTISING. © 2019 Bernstein Liebhard LLP. The law
firm responsible for this advertisement is Bernstein Liebhard LLP,
10 East 40th Street, New York, New
York 10016, (212) 779-1414. The lawyer responsible for this
advertisement in the State of
Connecticut is Michael S. Bigin. Prior results do not
guarantee or predict a similar outcome with respect to any future
matter.
Contact Information
Matthew E. Guarnero
Bernstein Liebhard LLP
https://www.bernlieb.com
(877) 779-1414
MGuarnero@bernlieb.com
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