LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Five Below, Inc. (“Five Below” or the “Company”) (NASDAQ: FIVE) securities between March 20, 2024 to July 16, 2024, inclusive (the “Class Period”). Five Below investors have until September 30, 2024 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
On June 5, 2024, Five Below announced its first quarter 2024 sales results, falling below expectations, and cut its full year 2024 guidance.
On this news, Five Below’s stock price fell $14.07, or 10.6%, to close at $118.72 per share on June 6, 2024, thereby injuring investors.
Then, on July 16, 2024, after the market closed, Five Below announced that its Chief Executive Officer had stepped down “to pursue other interests.” Additionally, the Company provided quarter-to-date results and updated guidance for its second quarter of fiscal 2024, stating that it now expects sales to be between $820 to $826 million, compared to the previously expected $830 to $850 million, and net income of $0.53 to $0.56, compared to the previously expected $0.57 to $0.69.
On this news, Five Below’s stock price fell $25.57, or 25.1%, to close at $76.60 per share on July 17, 2024, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) macroeconomic pressures were interfering with the Company’s strategic operations and preventing it from executing successfully; and (2) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased Five Below securities during the Class Period, you may move the Court no later than September 30, 2024 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased Five Below securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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