SAN DIEGO, Jan. 31, 2020 /PRNewswire/ -- Shareholder rights
law firm Johnson Fistel, LLP is investigating potential violations
of the federal securities laws by V.F. Corporation ("VF") (NYSE:
VFC).
On January 23, 2020, VF announced
third-quarter fiscal 2020 results. V.F. Corp reported net revenue
of $3.38 billion for the three months
ended December 28, 2019, but fell
short of the average analyst estimate of $3.43 billion. Additionally, the Company
estimated annual revenue of $11.75
billion, compared with its prior forecast of $11.8 billion. It projected adjusted profit per
share to be about $3.30, lower than
its previous range of $3.32 to
$3.37.
On a conference call that same day, CFO Scott Roe, disclosed that the Company intended
to sell "the Occupational Work Brands." Roe stated, "From a
financial standpoint the occupational work brands contributed about
$865 million of revenue and
$130 million of adjusted operating
income in fiscal 2019."
Following this news, the price of VF common stock plunged,
declining $9.16 per share, or 9.69%,
to close at $85.41 per share on
January 23, 2020.
If you have information that could assist in this
investigation, including past employees and others, or if you are a
VF shareholder and are interested in learning more about the
investigation, please contact Mike
Fistel (michaelf@johnsonfistel.com) by email or
phone at 619-814-4471. If emailing, please include a phone
number.
Additionally, you can [click here to join this
action]. There is no cost or obligation to you.
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
Mike Fistel, 619-814-4471
michaelf@johnsonfistel.com
[click here to join this action].
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SOURCE Johnson Fistel, LLP