The Gap Lawsuit GPS | Deadline February 3, 2023
The Gap Class Action Lawsuit (GPS Lawsuit)
A lawsuit has been filed against The Gap Inc., (GPS:NYSE) on December 5 , 2022 at the court of the Eastern District of New York.
Investors who purchased or otherwise acquired GPS common stock during the period from November 24, 2021 through July 11, 2022 can register their information before the deadline of February 3, 2023.
Is The Gap Inc. Involved in a Securities Class Action Lawsuit?
Yes, a lawsuit has been filed against The Gap Inc. on December 5 , 2022, on behalf of shareholders during the period from November 24, 2021 – July 11, 2022.
What Is The The Gap Lawsuit About?
The Gap Class Action Lawsuit (NYSE:GPS) (The Gap Class Action Lawsuit) was filed on behalf of the investors who purchased The Gap Inc. (GPS) securities between November 24, 2021 to July 11, 2022. For more on the GPS Lawsuit please contact us today.
According to The Gap lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose 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 as a result
(3) 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.
How much did GPS stock drop?
Shareholders who held GPS securities saw stock price fell $2.57 per share, or 17%, to close at $11.72 per share on April 22, 2022,
Additionally, GPS stock fell 7% from closing at $11.19 per share on May 19, 2022 to closing at $10.33 per share on May 23, 2022,
Moreover, GPS stock declined 4.9% to close at $11.03 per share on May 31, 2022.
Lastly, GPS stock fell 5% to close at $8.32 per share on July 12, 2022, further damaging investors.
What does GPS Do?
The Gap, Inc. operates as an apparel retail company.
The company offers apparel, accessories, and personal care products for men, women, and children under the Old Navy, Gap, Banana Republic, and Athleta brands. Its products include denim, tees, fleece, and khakis; eyewear, jewelry, shoes, handbags, and fragrances; and fitness and lifestyle products for use in yoga, training, sports, travel, and everyday activities for women and girls.
The company offers its products through company-operated stores, franchise stores, Websites, third-party arrangements, and catalogs.
It has franchise agreements with unaffiliated franchisees to operate Old Navy, Gap, Athleta, and Banana Republic stores and websites in Asia, Europe, Latin America, the Middle East, and Africa.
As of December 31, 2021, the company had 2,835 company-operated stores and 564 franchise stores. It also provides its products through e-commerce sites.
The Gap, Inc. was incorporated in 1969 and is headquartered in San Francisco, California.
Which Class Action Attorney Firm Can Help With The GPS Lawsuit?
Levi & Korsinsky LLP is a Securities Class Action Law Firm. For over 20 years, Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. Our firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services’ Top 50 Report as one of the top securities litigation firms in the United States.
Does It Cost Me To Join The GPS Class Action?
No, there are no out of pocket costs for you to join The Gap Lawsuit.
What Is the Lead Plaintiff Process?
According to the Private Securities Reform Act of 1995, any investor who bought or acquired GPS securities in the Class Period may apply for appointment as a lead plaintiff. The lead plaintiff is usually the movant who has the most financial interest in the relief sought. However, he or she must also be typical or adequate to the putative classes. The GPS class-action lawsuit is directed by the lead plaintiff. To litigate the The Gap Class Action Lawsuit, the lead plaintiff may choose any law firm it wishes. The ability of an investor to share in any future recovery is not tied to being the lead plaintiff in the The Gap Class Action Lawsuit.
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