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    LB   US5017971046

L BRANDS

(LB)
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L BRANDS, INC. : Other Events, Financial Statements and Exhibits (form 8-K)

07/30/2021 | 07:57am EDT

Item 8.01. Other Events.

As L Brands, Inc. ("L Brands") has previously disclosed, on May 19, 2020 and January 12, 2021, L Brands shareholders filed derivative lawsuits in the Court of Common Pleas for Franklin County, Ohio (subsequently removed to the United States District Court for the Southern District of Ohio) and the Delaware Court of Chancery, respectively, naming as defendants certain current and former directors and officers of L Brands and alleging, among other things, breaches of fiduciary duty through asserted violations of law and failures to monitor workplace conduct (the "Lawsuits"). In addition, L Brands also received litigation and books-and-records demands from other shareholders related to the same matters (together with the Lawsuits, the "Actions"), including from the Attorney General of Oregon on behalf of the State of Oregon.

These shareholders, including the Attorney General of Oregon, the Detroit Police and Fire Retirement System, and several individuals, have agreed upon the final terms of a settlement with a Special Committee of the L Brands Board of Directors resolving the Actions. The Stipulation of Settlement will be filed in the United States District Court for the Southern District of Ohio in the case captioned Rudi v. Wexner, et al., Case No. 2:20-cv-3068.

The settlement resolves all derivative claims that have been or could have been asserted in the Actions or that involve in any way the allegations referred to in the Actions and releases all such claims against L Brands (and its subsidiaries) and past and present L Brands employees, officers and directors, among others. As part of the settlement, L Brands (and its subsidiaries) has agreed to implement certain management and governance measures, including the maintenance of a Diversity, Equity, and Inclusion ("DEI") Council, the strengthening of policies and procedures for reporting and investigating sexual harassment complaints, and the hiring of a DEI consultant. Following the planned August 2, 2021 spin-off of Victoria's Secret & Co., the settlement terms will apply to both L Brands (to be renamed Bath & Body Works, Inc.) and Victoria's Secret & Co. Each company has committed to invest $45 million over at least five years to fund the management and governance measures.

The settlement remains subject to court approval of the terms set forth in the Stipulation of Settlement.

On July 30, 2021, L Brands issued a press release announcing the settlement. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated by reference herein.

Item 9.01. Financial Statements and Exhibits.




(d) Exhibits.



  Exhibit   Press Release dated July 30, 2021
99.1

Exhibit Cover Page Interactive Data File (embedded within the Inline XBRL document) 104

© Edgar Online, source Glimpses

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Analyst Recommendations on L BRANDS
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Financials (USD)
Sales 2022 7 759 M - -
Net income 2022 1 092 M - -
Net Debt 2022 2 928 M - -
P/E ratio 2022 15,6x
Yield 2022 0,84%
Capitalization 17 034 M 17 034 M -
EV / Sales 2022 2,57x
EV / Sales 2023 2,39x
Nbr of Employees 57 350
Free-Float 89,6%
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Mean consensus BUY
Number of Analysts 20
Last Close Price 64,43 $
Average target price 82,76 $
Spread / Average Target 28,5%
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Managers and Directors
Andrew M. Meslow Chief Executive Officer & Director
Wendy C. Arlin Chief Financial Officer & Executive Vice President
Sarah Elizabeth Nash Chairman
Chris Cramer Chief Operating Officer
Michael G. Morris Independent Director
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