NEW YORK, Feb. 14, 2020 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of V.F. Corporation (“VF” or the “Company”) (NYSE: VFC). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 9980.
The investigation concerns whether VF and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On January 23, 2020, VF announced its financial results for the third quarter of 2020. For the quarter, VF reported net revenue of $3.38 billion, falling short of the average analyst estimate of $3.43 billion. In addition, the Company provided an annual revenue estimate of $11.75 billion, down from its prior forecast of $11.8 billion. Speaking on a conference call later that day, VF’s Chief Financial Officer Scott Roe disclosed that the Company intended to sell its Occupational Work Brands, stating that “[f]rom a financial standpoint the occupational work brands contributed about $865 million of revenue and $130 million of adjusted operating income in fiscal 2019.”
On this news, VF’s stock price fell $9.16 per share, or 9.69%, to close at $85.41 per share on January 23, 2020.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com