Today's Date: February 3, 2023
Urban One Inc's Reach Media Announces R&B Superstar Ralph Tresvant of New Edition as Host of "Love and R&B"   •   US Fertility founding partner Shady Grove Fertility (SGF) announces Egg Freezing for Surgical Residents Program in celebration o   •   INVESTOR ALERT: Law Offices of Howard G. Smith Announces the Filing of a Securities Class Action on Behalf of Invivyd, Inc. f/k/   •   The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Affirm Holdings, Inc.   •   Conemaugh Miners Medical Center and Conemaugh Meyersdale Medical Center Achieve Designation as Lifepoint Health National Quality   •   American Marketing Association San Diego Launches New Sandie Awards and Opens Call for Entries   •   RESIDES CEO COLETTE STEVENSON NAMED 2023 RISMEDIA REAL ESTATE NEWSMAKER   •   Introduction of Diagnostic and Supplemental Imaging Legislation Would Benefit Thousands of Marylanders   •   INVESTOR ALERT: Law Offices of Howard G. Smith Announces the Filing of a Securities Class Action on Behalf of National Vision Ho   •   Highly Anticipated, Change-Maker Podcast Govies, Plutes, & Gangsters Launches   •   TWO PUBLIC ALLIES ALUMNI JOIN THE NATIONAL BOARD OF DIRECTORS   •   Scottsdale Tesla Drivers Club and PS Academy Arizona Work Together on Tesla Cybertruck Build   •   Hyundai and TEN Advertising Develop Their First Asian American Campaign "My Love, My Son-in-Law" for the Tucson SUV   •   General Dynamics Elects Richard Clarke to Board of Directors   •   Experiences of Black Women With Breast Cancer Highlight Need for Better Care, Improved Outcomes   •   Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm, Announces the Filing of a Securities Class Action on Behal   •   Worldwide Shipments of Tablets and Chromebooks Declined Sharply in 2022, According to IDC Tracker   •   The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against NeoGenomics, Inc. (NE   •   The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Veru Inc. (VERU)   •   SHAREHOLDER ACTION ALERT: The Schall Law Firm Encourages Investors in Honda Motor Co., Ltd. with Losses of $100,000 to Contact t
Bookmark and Share

Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm, Announces the Filing of a Securities Class Action on Behal

LOS ANGELES , December 07 /Businesswire/ - Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, announces that a class action lawsuit has been filed on behalf of investors who purchased or otherwise acquired The Gap, Inc. (“Gap” or the “Company”) (NYSE: GPS) securities between November 24, 2021 and July 11, 2022, inclusive (the “Class Period”). Gap investors have until February 3, 2023 to file a lead plaintiff motion.

If you suffered a loss on your Gap investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/the-gap-inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more about your rights.

On April 21, 2022, after the market closed, the Company announced that the CEO of Old Navy, Nancy Green, had stepped down. On this news, Gap’s stock price fell $2.57 per share, or 17%, to close at $11.72 per share on April 22, 2022, thereby injuring investors.

Then, on May 20, 2022, The Wall Street Journal published an article stating that Old Navy’s inclusive, extended sizing campaign, BODEQUALITY, had resulted in “too many extra-small and extra-large items and too few of the rest, a mismatch that frustrated customers and contributed to falling sales and a management shake-up.” The article also pointed out that Old Navy accounts for 54% of Gap’s sales and roughly 80% of the profits, and that Gap had warned that spring quarter sales would fall short of expectations because of troubles at Old Navy. On this news, Gap’s stock price fell $0.86, or 7.7%, to close at $10.33 per share on May 23, 2022, thereby injuring investors.

Then, on May 27, 2022, the Company released its first quarter 2022 financial results, admitting that the results had been “impacted by execution missteps in size and assortment at Old Navy related to BODEQUALITY,” as well as global supply chain disruptions. On this news, Gap’s stock price fell 4.9% to close at $11.03 per share on May 31, 2022.

Then, on July 11, 2022, after market hours, Gap announced that its President and CEO was stepping down from her position and had resigned from the Board of Directors. On this news, Gap’s stock price fell $0.44, or 5%, to close at $8.32 per share on July 12, 2022, thereby injuring investors further.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) there were execution missteps in size and assortment at Old Navy related to BODEQUALITY which were adversely impacting Old Navy’s margins and financial results; (2) contrary to the Company’s statements, there were inventory risks relating to BODEQUALITY that were actually existing that were adversely affecting the Company’s operations; and (3) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

Follow us for updates on LinkedIn, Twitter, or Facebook.

If you purchased or otherwise acquired Gap securities during the Class Period, you may move the Court no later than February 3, 2023 to ask the Court to appoint you as lead plaintiff. 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 Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email 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.


STORY TAGS: Lawsuit, United States, North America, Class Action Lawsuit, Professional Services, Legal, California,

Video

White House Live Stream
LIVE VIDEO EVERY SATURDAY
alsharpton Rev. Al Sharpton
9 to 11 am EST
jjackson Rev. Jesse Jackson
10 to noon CST


Video

LIVE BROADCASTS
Sounds Make the News ®
WAOK-Urban
Atlanta - WAOK-Urban
KPFA-Progressive
Berkley / San Francisco - KPFA-Progressive
WVON-Urban
Chicago - WVON-Urban
KJLH - Urban
Los Angeles - KJLH - Urban
WKDM-Mandarin Chinese
New York - WKDM-Mandarin Chinese
WADO-Spanish
New York - WADO-Spanish
WBAI - Progressive
New York - WBAI - Progressive
WOL-Urban
Washington - WOL-Urban

Listen to United Natiosns News