Kohl’s Misleadingly Touted Strategic Plan, Shareholder Suit Says

Kohl’s Corp. misled investors about a poor strategic plan that yielded disappointing growth and a nearly 13% drop in its stock price, according to a proposed class action filed in federal court in Wisconsin.

The company enthusiastically, but deceptively, promoted the plan in public statements, Sean Shanaphy says in his complaint, filed Sept. 2 in the US District Court for the Eastern District of Wisconsin.

Kohl’s “touted its purportedly strong foundation of customers, industry-leading loyalty and charge card programs, high volume of stores, and large and growing digital business” when it announced the growth-oriented plan that was intended to deliver ...