Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, Aug. 22, 2024 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Five Below, Inc. (“Five Below” or “the Company”) (NASDAQ: FIVE) investors that a lawsuit filed on behalf of investors that purchased Five Below securities between March 20, 2024 - July 16, 2024. Investors must file a lead plaintiff motion by September 30, 2024.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
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, Five Below’s stock price fell $25.57 per share, or 25.05%, to close at $76.50 per share on July 17, 2024.
The complaint filed alleges that, throughout the Class Period, Defendants failed to disclose to investors that: (1) macroeconomic pressures were interfering with the Company's strategic operations and preventing it from executing successfully; 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.
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The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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