SAN DIEGO, Aug. 11, 2024 (GLOBE NEWSWIRE) -- The law firm of Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of lululemon athletica inc. (NASDAQ: LULU) securities between December 7, 2023 and July 24, 2024, both dates inclusive (the “Class Period”), have until October 7, 2024 to seek appointment as lead plaintiff of the lululemon class action lawsuit. Captioned Patel v. lululemon athletica inc., No. 24-cv-06033 (S.D.N.Y.), the lululemon class action lawsuit charges lululemon and certain of lululemon’s top executives with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the lululemon class action lawsuit, please provide your information here:
https://www.rgrdlaw.com/cases-lululemon-athletica-inc-class-action-lawsuit-lulu.html
You can also contact attorneys J.C. Sanchez or Jennifer N. Caringal of Robbins Geller by calling 800/449-4900 or via e-mail at info@rgrdlaw.com. Lead plaintiff motions for the lululemon class action lawsuit must be filed with the court no later than October 7, 2024.
CASE ALLEGATIONS: lululemon is principally a designer, distributor, and retailer of technical athletic apparel, footwear, and accessories.
The lululemon class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) lululemon was struggling with inventory allocation issues and color palette execution issues; (ii) as a result, lululemon’s Breezethrough product launch underperformed; and (iii) consequently, lululemon was experiencing stagnating sales in the Americas region.
The lululemon class action lawsuit further alleges that on March 21, 2024, lululemon disclosed that net revenue in the Americas grew 9% in the fourth quarter 2023 and 12% in the fiscal year 2023, short of the 29% growth in the year-ago period and 12% growth in the previous quarter. On this news, the price of lululemon stock fell nearly 16%, according to the complaint.
Then, on July 24, 2024, the complaint further alleges that Bloomberg reported that lululemon’s new Breezethrough leggings launch was “raising concern” with certain analysts, noting that the launch had suffered from “inconsistent” inventory allocation and pricing, with “‘certain locations carr[ying] Breezethrough leggings while others didn’t carry the new line,’” suggesting “‘ongoing allocation-related issues.’” On this news, the price of lululemon stock fell, according to the lululemon class action lawsuit.
Finally, the complaint alleges that Bloomberg reported that a lululemon spokesperson told the agency that lululemon “‘made the decision to pause on sales [of the Breezethrough yoga wear] for now to make any adjustments necessary to deliver the best possible product experience.’” The lululemon class action lawsuit alleges that on this news, the price of lululemon stock fell more than 9% on July 25, 2024.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired lululemon securities during the Class Period to seek appointment as lead plaintiff in the lululemon class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the lululemon class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the lululemon class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the lululemon class action lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms representing investors in securities fraud cases. Our Firm has been #1 in the ISS Securities Class Action Services rankings for six out of the last ten years for securing the most monetary relief for investors. We recovered $6.6 billion for investors in securities-related class action cases – over $2.2 billion more than any other law firm in the last four years. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:
https://www.rgrdlaw.com/services-litigation-securities-fraud.html
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Contact:
Robbins Geller Rudman & Dowd LLP
J.C. Sanchez, Jennifer N. Caringal
655 W. Broadway, Suite 1900, San Diego, CA 92101
800-449-4900
info@rgrdlaw.com
