NEW YORK--(BUSINESS WIRE)--The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Eastern District of Pennsylvania on behalf of those who acquired Five Below, Inc. (“Five Below” or the “Company”) (NASDAQ: FIVE) securities during the period of March 20, 2024 through July 16, 2024 inclusive (“the Class Period”). Investors have until September 30, 2024 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
[Click here to learn more about the class action]
On June 5, 2024, Five Below announced disappointing first quarter 2024 sales result and cut its full year 2024 guidance stating, "Net sales are expected to be in the range of $3.79 billion to $3.87 billion based on opening approximately 230 new stores." At the same time, Five Below claimed that for the second quarter, "Net sales are expected to be in the range of $830 million to $850 million based on opening approximately 60 new stores." On this news, the price of Five Below shares declined by $14.07 per share within the span of just one day.
On July 16, 2024, Five Below announced the resignation of Joel Anderson from his positions as President and Chief Executive Officer, as well as from his seat on the Company's Board of Directors. Concurrently, Five Below projected a decrease of 6% to 7% in comparable sales for the fiscal second quarter ending August 3, 2024. On this news, the price of Five Below shares dropped over 25% on July 17, 2024.
According to the lawsuit, defendants provided investors with false and/or materially misleading information about Five Below's financial strength and operations, including its outlook for the first quarter and full year 2024.
If you purchased or otherwise acquired Five Below securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@kmllp.com, or by filling out this CONTACT FORM, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website.
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