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J.Jill Inc (NYSE:JILL) Investor Securities Class Action Lawsuit 10/13/2017

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Lawsuit Overview

Case Dismissed
Company
J.Jill Inc
Security
NYSE: JILL

Case Name
J.Jill Shareholder Class Action Lawsuit 10/13/2017
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the District of Massachusetts

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

December 20, 2018 - The court granted the defendants' motion to dismiss.

May 14, 2018 - A motion to dismiss the amended complaint was filed.

March 9, 2018 - An amended complaint was filed.

October 13, 2017 - An investor in shares of J.Jill Inc (NYSE:JILL) filed a lawsuit in the U.S. District Court for the District of Massachusetts over alleged violations of Federal Securities Laws by J.Jill Inc in connection with certain allegedly false and misleading statements made in connection with the Company’s March 9, 2017 initial public offering.

Quincy, MA based J.Jill Inc (NYSE:JILL) operates as a specialty retailer in the women’s apparel industry focused on customer in the 40-65 age segment. On March 9, 2017, J.Jill Inc stock opened for trading at $12.75, the same day that the Company sold 11.7 million shares of stock in its IPO.

According to the complaint the plaintiff that the defendants violated the Securities Act of 1933. More specifically, the plaintiff claims that the statements in the Registration Statement were false and misleading when made because the Company’s purportedly unique and superior sales and marketing approach had not insulated the Company from adverse trends affecting the overall retail industry. Moreover, the Company was carrying increasing amounts of slow moving inventory and would need to significantly markdown sale items and increase promotional efforts in an attempt to continue its sales growth, and the Company’s brick-and-mortar stores were experiencing difficulty attracting customers and maintaining profitability, which would result in the Company shuttering up to eight stores in fiscal 2017 – thereby diminishing the Company’s gross margins and impairing its ability to service its long-term debt.

On March 30, 2017, J.Jill Inc announced its fourth quarter and ful year fiscal 2016 results. Jill Inc reported that its Total Revenue declined from $562.01 million for the 52 weeks period that ended on January 30, 2016 to $639.06 million for the 52 weeks period that ended on January 28, 2017 and that its Net Income for those respective time periods increased from $2.40 million to $24.07 million.

On October 11, 2017, J.Jill Inc updated is Q3 fiscal 2017 guidance. Shares of J.Jill Inc (NYSE:JILL) declined from $14.20 per share in April 2017 to as low as $4.83 per share on October 12, 2017.