NEW
YORK, Aug. 22, 2024 /PRNewswire/ -- The Gross
Law Firm issues the following notice to shareholders of Five
Below, Inc. (NASDAQ: FIVE).
Shareholders who purchased shares of FIVE during the class
period listed are encouraged to contact the firm regarding possible
lead plaintiff appointment. Appointment as lead plaintiff is not
required to partake in any recovery.
CONTACT US HERE:
https://securitiesclasslaw.com/securities/five-below-loss-submission-form/?id=97068&from=4
CLASS PERIOD: March 20,
2024 to July 16, 2024
ALLEGATIONS: According to the complaint, defendants
provided investors with false and/or materially misleading
information about FIVE's financial strength and operations,
including its outlook for the first quarter and full year 2024.
This information included FIVE's statement that net sales are
expected to be in the range of $826
million to $846 million based
on opening approximately 55 to 60 new stores in the first quarter.
Further, FIVE claimed that net sales for the full year are expected
to be in the range of $3.97 billion
to $4.07 billion based on opening
between 225 and 235 new stores. Investors discovered that these
statements were false and/or materially misleading when, on
June 5, 2024, FIVE 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 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." In
response to the disclosure, FIVE's stock price declined
$14.07/per share within the span of
just one day. On July 16, 2024, FIVE
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 projected a decrease of 6% to 7% in
comparable sales for the fiscal second quarter ending August 3, 2024. Following this news, FIVE's stock
price dropped over 25% on July 17,
2024.
DEADLINE: September 30,
2024 Shareholders should not delay in registering for
this class action. Register your information here:
https://securitiesclasslaw.com/securities/five-below-loss-submission-form/?id=97068&from=4
NEXT STEPS FOR SHAREHOLDERS: Once you register as a
shareholder who purchased shares of FIVE during the timeframe
listed above, you will be enrolled in a portfolio monitoring
software to provide you with status updates throughout the
lifecycle of the case. The deadline to seek to be a lead plaintiff
is September 30, 2024. There is no
cost or obligation to you to participate in this case.
WHY GROSS LAW FIRM? The Gross Law Firm is a nationally
recognized class action law firm, and our mission is to protect the
rights of all investors who have suffered as a result of deceit,
fraud, and illegal business practices. The Gross Law
Firm is committed to ensuring that companies adhere to responsible
business practices and engage in good corporate citizenship. The
firm seeks recovery on behalf of investors who incurred losses when
false and/or misleading statements or the omission of material
information by a company lead to artificial inflation of the
company's stock. Attorney advertising. Prior results do not
guarantee similar outcomes.
CONTACT:
The Gross Law Firm
15 West 38th Street, 12th floor
New York, NY, 10018
Email: dg@securitiesclasslaw.com
Phone: (646) 453-8903
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SOURCE The Gross Law Firm