Kohl’s misleading strategic plan, shareholders lawsuit claims

Kohls Corp. misled investors about a bad strategic plan that led to disappointing growth and a nearly 13% drop in its stock price, according to a proposed class action lawsuit filed in federal court in Wisconsin.

The company enthusiastically, but misleadingly, promoted the plan in public statements, Sean Shanaphy said in his September 2 lawsuit filed in the U.S. District Court for the Eastern District of Wisconsin.

Kohl’s “praised its allegedly strong customer base, industry-leading loyalty and payment card programs, high store volume, and large and growing digital business” when it announced the plan. on growth that aimed to provide…