According to the Complaint, Ascena is a leading national specialty retailer of apparel for women and tween girls. In August 2015, Ascena completed the acquisition of Ann Inc., the parent company of Ann Taylor and LOFT.

The Complaint alleges that during the Class Period, Defendants made materially misleading statements and/or failed to disclose adverse information regarding Ascena’s business and operations. Specifically, the Complaint alleges Defendants failed to disclose that the Ann Acquisition was a complete disaster for the Company as Ann’s operations were in far worse condition than had been represented to the public; that, in order to mask the true condition of Ann, Defendants improperly delayed recognizing an impairment charge to the value of Ann’s goodwill and, as a result, Ascena’s reported income and assets were materially overstated and the Company’s financial results were not prepared in conformity with Generally Accepted Accounting Principles (“GAAP”); and that many of the brands acquired in the Ann Acquisition were in steep decline and were also materially overvalued on Ascena’s Class Period financial statements.

On August 23, 2019, the Court issued an Order consolidating cases and approving Lead Plaintiffs and Counsel. Lead Plaintiffs filed a consolidated amended Complaint on November 21.

On July 28, 2020, the Court stayed the case pending the outcome of Ascena's bankruptcy proceedings.