L Brands, Inc. Investigated For Potential Breaches of Fiduciary Duty By Its Board of Directors by Block & Leviton LLP
BOSTON, Jan. 24, 2020 (GLOBE NEWSWIRE) -- Block & Leviton LLP ( www.blockesq.com ), a securities litigation firm representing investors and whistleblowers nationwide, is investigating a possible breach of fiduciary duty claim involving the Board of Directors of L Brands, Inc. (NYSE: LB).
On January 23, 2020, ABC News published a report on the relationship between Leslie Wexner (the CEO and Chairman of L Brands) and Jeffrey Epstein. Among other things, ABC News found a “mysterious financial entanglement” between Epstein and L Brands in the company’s SEC filings—with a dozen charitable trusts being listed that were given large amounts of company stock. Epstein was identified as trustee of these entities.
According to the report, between 1991 and 2006, Epstein oversaw the sale of more than $1.3 billion of company stock held by these trusts, creating a large source of cash largely controlled by Epstein. ABC News noted that Epstein would often make luxury purchases for himself shortly after liquidating a large number of company shares.
If you are a shareholder of L Brands and are interested in obtaining information regarding this investigation, you are encouraged to contact attorney Mark Delaney at (617) 398-5600, by email at email@example.com, or by visiting http://shareholder.law/lbrands.
Block & Leviton LLP was recently ranked 4th among securities litigation firms by ISS for recoveries in 2017. The firm represents many of the nation’s largest institutional investors and numerous individual investors in securities litigation throughout the country. Indeed, its lawyers have recovered billions of dollars for its clients.
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BLOCK & LEVITON LLP Mark Delaney (617) 398-5600 phone 260 Franklin Street, Suite 1860 Boston, MA 02110 firstname.lastname@example.org