An Ascena shareholder has filed a class action suit against the apparel retailer alleging that the company and top executives misled investors about troubles in its Ann Inc. unit after acquiring the brand in 2015. The company has not filed a response to the suit, and a spokesperson did not immediately reply to a request for comment.
The complaint alleges that by September 16, 2015 — less than a month after the deal (which included the Ann Taylor and Loft brands) closed — the acquisition "was a complete disaster for the Company as Ann's operations were in far worse condition than represented to the public.". . . more