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 Domino's Pizza, Inc. (“Domino's” or the “Company”) (NYSE: DPZ) securities between December 7, 2023 and July 17, 2024, inclusive (the “Class Period”). Domino's investors have until November 19, 2024 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
On July 18, 2024, Domino’s released its second quarter 2024 financial results, disclosing 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.”
On this news, Domino’s stock price fell $64.23, or 13.6%, to close at $409.04 per share on July 18, 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) DPE, the Company’s largest master franchisee, was experiencing significant challenges with respect to both new store openings and closures of existing stores; (2) as a result, Domino’s was unlikely to meet its own previously issued long-term guidance for annual global net store growth; (3) accordingly, Domino’s business and/or financial prospects were overstated; 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 Domino’s 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.
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