Advertisement

Ross Stores said a class-action suit was filed.

The off-price retailer, based in Newark, Calif., said it was informed that a class-action lawsuit alleging that securities laws violations had been filed against it, certain current and former directors and officers, and Morgan Stanley & Co., the managing underwriter of its August, 1985, initial public offering. The company said it had not yet seen the complaint. Last week, Ross President and Chief Executive Donald E. Rowlett resigned as the company announced plans to close 25 unprofitable Ross Dress for Less stores, mostly in the Energy Belt.

Inside the business of entertainment

The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.

Advertisement
Advertisement