NEW YORK, July 25, 2022 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Intuit, Inc. (NASDAQ: INTU), Kohl’s Corporation (NYSE: KSS), and Block, Inc. (NYSE: SQ). Our investigations concern whether these companies have violated the federal securities laws and/or engaged in other unlawful business practices. Additional information about each case can be found at the link provided.
Intuit, Inc. (NASDAQ: INTU)
On March 29, 2022, the FTC filed a lawsuit against Inuit claiming that the company has deceived millions of Americans into paying for tax service preparation software that should be free. On May 4, 2022, Intuit agreed to pay $141 million to settle similar allegations regarding Turbo Tax.
On this new, Intuit’s stock fell $22.14, or 5.1%, to close at $409.86 on May 5, 2022.
For more information on the Intuit investigation go to: https://bespc.com/cases/INTU
Kohl’s Corporation (NYSE: KSS)
On May 20, 2022, Macellum Advisors GP, LLC ("Macellum"), "a long-term holder of nearly 5% of the outstanding common shares of Kohl's", issued a statement addressing "[t]his quarter's extremely disappointing results," which Macellum described as "simply a consequence of a weak Board and management configuration leading to a flawed strategic plan and an inability to execute." Macellum also stated that "the current Board appears to have withheld material information from shareholders about the state of Kohl's in the lead-up to this year's pivotal annual meeting," which "suggests to us a clear breach of fiduciary duty."
On this news, Kohl's stock price fell $5.84 per share, or 12.97%, to close at $39.20 per share on May 20, 2022.
For more information on the Kohl’s investigation go to: https://bespc.com/cases/KSS
Block, Inc. (NYSE: SQ)
The investigation focuses on Block’s statements about its subsidiary’s (Cash App Investing) customer privacy policies and controls.
Block has in the past assured Cash App Investing customers that “[t]o protect your personal information from unauthorized access and use, we use security measures that comply with federal law,” “[t]hese measures include computer safeguards and secured files and buildings,” and “[t]he Company takes the security of information belonging to its customers very seriously.”
The accuracy of these statements came into question on April 4, 2022, when Block announced that a former employee, after termination, improperly downloaded certain reports of Cash app Investing on Dec. 10, 2021. The information in the reports included full customer names and brokerage account numbers. For some customers, the stolen reports also included brokerage portfolio value, brokerage holdings and/or stock trading activity for one trading day. As many as 8.2 million current and former Cash App Investing customers may have been affected by the privacy breach.
When this information was revealed, Block fell sharply during intraday trading on April 5, 2022, to close at $135.92 per share.
For more information on the Block investigation go to: https://bespc.com/cases/SQ
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
