| COMPANY |
The Gap, Inc. |
| COURT |
United States District Court for the Eastern District of New York |
| CASE NUMBER |
22-cv-007371 |
| JUDGE |
The Hon. Diane Gujarati |
| CLASS PERIOD |
November 24, 2021 and July 11, 2022 |
| SECURITY TYPE |
Securities |
Case Background:
A class action lawsuit has been filed on behalf of those who purchased or acquired The Gap, Inc. (“Gap”) (NYSE: GPS) securities between November 24, 2021 and July 11, 2022, inclusive (the "Class Period").
The complaint against Gap alleges that, 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.
Current Status of Case:
On December 15, 2023, Defendants filed a Motion to Dismiss which is currently being briefed by the parties. This action is ongoing.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jonathan Naji, Esq. (484) 270-1453 or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.