J. Jill, Inc. (NYSE: JILL)
San Francisco - Hagens Berman Sobol Shapiro LLP reminds investors in J. Jill, Inc. (NYSE: JILL) of the December 12, 2017 Lead Plaintiff deadline in the securities class action pending in the U.S. District Court for the District of Massachusetts.
If you purchased or otherwise acquired securities of JILL between March 6, 2017 and October 13, 2017 and suffered losses contact Hagens Berman Sobol Shapiro LLP. For more information contact Reed Kathrein, who is leading the firm's investigation, by calling 510-725-3000 or emailing JILL@hbsslaw.com.
On or about March 9, 2017, Defendants priced J. Jill’s IPO and issued approximately 12.5 million shares at $13.00 per share.
The lawsuit charges Defendants with omitting from the IPO Registration Statement and Prospectus: (a) J. Jill’s purportedly unique and superior sales and marketing approach had not insulated it from adverse trends affecting the overall retail industry; (b) J. Jill’s historic gross margin growth was not sustainable and would not continue, as it relied on revenues from shipping fees, increased promotional efforts and other short-term boosts to revenues; (c) J. Jill carried increasing amounts of slow moving inventory and needed to significantly markdown sales items and increase promotional efforts in an attempt to continue sales growth; (d) the Company’s brick-and-mortar stores were failing, as they experienced difficulty attracting customers and maintaining profitability; and (e) as a result, J. Jill’s business, prospects and ability to service its long-term debt were materially impaired.
By October 12, 2017, when J. Jill slashed growth and earnings guidance and the price of J. Jill’s shares fell to close at $4.86 – about 62% below its IPO price.
“Among other things we’re focused on are Defendants’ apparent omissions of pre-IPO facts concerning J. Jill’s business model that, when recently disclosed, revealed significant problems and severely damaged J. Jill investors,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding J. Jill should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email JILL@hbsslaw.com.
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