INVESTOR ALERT: Law Offices of Howard G. Smith Announces the Filing of a Securities Class Action on Behalf of Fox Factory Holding Corp. (FOXF) Investors

BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Fox Factory Holding Corp. (“Fox Factory” or the “Company”) (NASDAQ: FOXF) common stock between May 6, 2021 and November 2, 2023, inclusive (the “Class Period”). Fox Factory investors have until April 22, 2024 to file a lead plaintiff motion.

Investors suffering losses on their Fox Factory investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to [e-mail].

On November 2, 2023, Fox Factory revealed that its third quarter 2023 net sales had decreased 19.1% year-over-year due to “higher levels of inventory across various channels.” Additionally, the Company significantly lowered its full year sales guidance due to continued inventory destocking.

On this news, Fox Factory’s stock price fell $22.60, or 27.2%, to close at $60.53 per share on November 3, 2023, 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: (1) concealed a deterioration in Fox Factory’s business, in particular, increased inventories that were impacting demand; 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.

If you purchased Fox Factory common stock, 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 Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at [phone], toll-free at [phone], or by email to [e-mail], or visit our website at www.howardsmithlaw.com.

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