NEW YORK, Dec. 08, 2022 (GLOBE NEWSWIRE) — Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Eastern District of New York on behalf of all persons or entities who purchased the securities of The Gap, Inc. (“The Gap” or the “Company”) (NYSE: GPS) between November 24, 2021 and July 11, 2022, both dates inclusive (the “Class Period”).
The Complaint alleges that Defendants made materially false and/or misleading statements and/or failed to disclose that: (i) 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; (ii) 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 as a result (iii) the Company’s statements during the Class Period about the historical financial and operational metrics and purported market opportunities did not accurately reflect the actual business, operations, and financial results and trajectory of the Company, and were materially false and misleading, and lacked a factual basis. When the true details entered the market, the lawsuit claims that investors suffered damages.
Investors who purchased or otherwise acquired shares of The Gap should contact the Firm prior to the February 3, 2023 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at [email protected] or [email protected].
Please visit our website at http://www.gme-law.com for more information about the firm.
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