NEW YORK, NY / ACCESSWIRE / September 6, 2024 / Pomerantz LLP announces that a class action lawsuit has been filed against Five Below, Inc. ("Five Below" or the "Company") (NASDAQ:FIVE). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
The class action concerns whether Five Below and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
You have until September 30, 2024, to ask the Court to appoint you as Lead Plaintiff for the class if you are a shareholder who purchased or otherwise acquired Five Below securities during the Class Period. A copy of the Complaint can be obtained at www.pomerantzlaw.com.
[Click here for information about joining the class action]
On June 5, 2024, Five Below announced disappointing first quarter 2024 sales result and cut its full year 2024 guidance, stating that "[n]et 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, "[n]et sales are expected to be in the range of $830 million to $850 million based on opening approximately 60 new stores."
On this news, Five Below's stock price fell $14.07 per share.
Then, on July 16, 2024, Five Below announced the sudden departure of Chief Executive Officer Joel Anderson and cut its guidance for the second quarter of 2024, advising that "the Company now expects sales for the fiscal second quarter ending August 3, 2024 to be in the range of $820 million to $826 million."
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.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
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SOURCE: Pomerantz LLP