LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, announces that a class action lawsuit has been filed on behalf of investors who purchased or otherwise acquired XPEL, Inc. (“XPEL” or the “Company”) (NASDAQ: XPEL) securities between November 8, 2023 and May 2, 2024, inclusive (the “Class Period”). XPEL investors have until October 7, 2024 to file a lead plaintiff motion.
If you suffered a loss on your XPEL investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/XPEL-Inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more about your rights.
On May 2, 2024, XPEL released its first quarter 2024 financial results, reporting only 5% revenue growth year-over-year, disclosing that the Company had been losing customers in the aftermarket channel.
On this news, XPEL’s stock price fell $20.93, or 38.9%, to close at $32.86 per share on May 2, 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) XPEL’s competitors were siphoning an increasingly large segment of the market; (2) as a result, the Company’s revenue growth became increasingly dependent upon existing customers and partners; (3) as a result, the Company’s revenue growth for 2023 and 2024 dwindled; and (4) 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 or otherwise acquired XPEL securities during the Class Period, you may move the Court no later than October 7, 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 wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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