Zamansky LLC announces that it has commenced an investigation of Sears Holding Corporation (NYSE: SHLD)(“Sears ” or the “Company”) over its Employee 401(k) Savings Plan for violations of the federal Employee Retirement Income Security Act (“ERISA”). ERISA imposes fiduciary duties on companies to prudently manage and invest plan assets. These duties were violated by Sears for continuing to offer company stock after it had become an imprudent investment.
Since early 2010, Sears’ stock price has fallen from over $110 per share, to less than $45 per share. In January 2012, Sears reported net losses for the year of $3 billion. During 2012, the losses continued and Sears announced that it expects its net loss for the year ending in January 2013 to be within $721 million to $801 million. Sears’ CEO Lou D’Ambrosio also recently resigned. Over the last two years, Sears’ Employee 401(k) Savings Plan has suffered millions of dollars in losses from investments in Company stock.
If you are an existing or former Sears’ employee who owns stock through the Company’s 401(k) Savings Plan, please contact our firm for an evaluation of your rights. You can contact Jake Zamansky by telephone at (212) 742-1414 or by email at firstname.lastname@example.org.