Dive Summary:

• According to Chain Store Age, a class-action lawsuit has been filed against Kohl’s Inc. on behalf of stock investors who purchased shares between February of 2009 and September of 2011.
• The suit filed in a southern district New York City court claims that Kohl’s intentionally issued ‘false and misleading financial information’ regarding accounting errors made by the company.
• The fallout from the public admission of financial accounting errors included drops in stock price of 8% in August of 2001, and again in September of that same year by another 2.5%.

From the article:

The company filed a Form 8-K reporting that, as a result of these accounting errors, the financial statements included in 2010 Form 10-K and first quarter 2011 Form 10-Q could no longer be relied upon.