According to the Complaint, L Brands is a specialty retailer of women’s intimate apparel and personal
care and beauty products.

The Complaint alleges that during the Class Period, Defendants made materially false and misleading statements and/or failed to disclose adverse information regarding L Brands’ business and prospects, which caused L Brands stock to trade at artificially inflated prices of more than $37 per share during the Class Period. Specifically, the Complaint alleges that, prior to and during the Class Period, L Brands’ Victoria’s Secret and PINK businesses began to experience deteriorating operating performance due to, among other things, increased competition from new lingerie brands.