Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Five Below, Inc. (“Five Below” or the “Company”) (NASDAQ: FIVE) securities between March 20, 2024 to July 16, 2024, inclusive (the “Class Period”). Five Below investors have until September 30, 2024 to file a lead plaintiff motion.
Investors suffering losses on their Five Below investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.
On June 5, 2024, Five Below announced its first quarter 2024 sales results, falling below expectations, and cut its full year 2024 guidance.
On this news, Five Below’s stock price fell $14.07, or 10.6%, to close at $118.72 per share on June 6, 2024, thereby injuring investors.
Then, on July 16, 2024, after the market closed, Five Below announced that its Chief Executive Officer had stepped down “to pursue other interests.” Additionally, the Company provided quarter-to-date results and updated guidance for its second quarter of fiscal 2024, stating that it now expects sales to be between $820 to $826 million, compared to the previously expected $830 to $850 million, and net income of $0.53 to $0.56, compared to the previously expected $0.57 to $0.69.
On this news, Five Below’s stock price fell $25.57, or 25.1%, to close at $76.60 per share on July 17, 2024, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, 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.
If you purchased Five Below securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847 or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20240802199271/en/
Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com
