SAN DIEGO, March 21, 2020 (GLOBE NEWSWIRE) -- Shareholder rights law firm Johnson Fistel, LLP is investigating potential violations of the federal securities laws by V.F. Corporation (“V.F.”) (NYSE: VFC).
On January 23, 2020, V.F. announced third-quarter fiscal 2020 results. V.F. reported net revenue of $3.38 billion for the three months ended December 28, 2019, but fell short of the average analyst estimate of $3.43 billion. Additionally, the Company estimated annual revenue of $11.75 billion, compared with its prior forecast of $11.8 billion. It projected adjusted profit per share to be about $3.30, lower than its previous range of $3.32 to $3.37. On a conference call that same day, CFO Scott Roe, disclosed that the Company intended to sell “the Occupational Work Brands.” Roe stated, “From a financial standpoint the occupational work brands contributed about $865 million of revenue and $130 million of adjusted operating income in fiscal 2019.”
Following this news, the price of V.F. common stock plunged, declining $9.16 per share, or 9.69%, to close at $85.41 per share on January 23, 2020.
If you have information that could assist in this investigation, including past employees and others, or if you are a V.F. shareholder and are interested in learning more about the investigation, please contact Michael Fistel (firstname.lastname@example.org) by email or phone at 619-814-4471. If emailing, please include a phone number.
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About Johnson Fistel, LLP:
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Johnson Fistel, LLP
Michael Fistel, 619-814-4471