SAN DIEGO--(BUSINESS WIRE)--Robbins LLP reminds investors that a shareholder filed a class action on behalf of all persons and entities who purchased or otherwise acquired Domino's Pizza, Inc. (NYSE: DPZ) securities between December 7, 2023 and July 17, 2024. Domino’s, through its subsidiaries, operates as a global pizza company that offers pizzas and other food products under the Domino’s brand name through Company-owned and franchised stores.
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The Allegations: Robbins LLP is Investigating Allegations that Domino's Pizza, Inc. (DPZ) Misled Investors Regarding its Growth Projections
According to the complaint, during the class period, defendants failed to disclose that: (i) DPE, the Company’s largest master franchisee, was experiencing significant challenges with respect to both new store openings and closures of existing stores; (ii) as a result, Domino’s was unlikely to meet its own previously issued long-term guidance for annual global net store growth; and (iii) accordingly, Domino’s business and/or financial prospects were overstated.
On July 18, 2024, Domino’s issued a press release announcing its Q2 2024 financial results. Among other items, Domino’s disclosed that it “expects it will fall 175 to 275 stores below its 2024 goal of 925+ net stores in international primarily as a result of challenges in both openings and closures being faced by Domino’s Pizza Enterprises (‘DPE’), one of its master franchisees.” Accordingly, “[t]he Company is temporarily suspending its guidance metric of 1,100+ global net stores until the full effect of DPE’s store opens and closures on international net store growth are known.” On this news, Domino’s stock price fell $64.23 per share, or 13.57%, to close at $409.04 per share on July 18, 2024.
What Now: You may be eligible to participate in the class action against Domino's Pizza, Inc. Shareholders who want to serve as lead plaintiff for the class must submit their application to the court by November 19, 2024. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
About Robbins LLP: Some law firms issuing releases about this matter do not actually litigate securities class actions; Robbins LLP does. A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. Since our inception, we have obtained over $1 billion for shareholders.
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