CONTACT: The Schall Law Firm Brian Schall, Esq.www.schallfirm.com Office: 310-301-3335info@schallfirm.com
SOURCE: The Schall Law Firm
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Philadelphia, Pennsylvania--(Newsfile Corp. - September 18, 2024) - Current Five Below, Inc. (NASDAQ: FIVE) shareholders who have held Five Below shares since prior to December 1, 2022, can seek corporate reforms, the return of funds back to the company, and a court approved incentive award at no cost to them whatsoever. Click here to learn more: https://grabarlaw.com/the-latest/five-shareholder-investigation/
A recently filed securities fraud class action complaint, alleges that, Five Below, Inc., via certain of its officers and directors, provided investors with false and/or materially misleading information about Five Below's financial strength and operations, including its outlook for the first quarter and full year 2024. On June 5, 2024, Five Below 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 Below 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 Below 's stock price declined $14.07 per share within the span of just one day.
Current Five Below shareholders who have held shares of the Company's stock since prior to December 1, 2022, have standing to seek corporate reforms, the return of funds back to company coffers, and potentially a receive a court approved incentive award if appropriate.
If you have held Five Below shares since prior to December 1, 2022, and would like to learn more at no cost to you, please visit https://grabarlaw.com/the-latest/five-shareholder-investigation/, contact Joshua Grabar at jgrabar@grabarlaw.com or Mia Heller at mheller@grabarlaw.com, or call us at 267-507-6085.
Attorney Advertising Disclaimer (https://grabarlaw.com/attorney-advertising-disclaimer/)
Contact:
Joshua H. Grabar, Esq. Grabar Law Office One Liberty Place 1650 Market Street, Suite 3600 Philadelphia, PA 19103 Tel: 267-507-6085 (http://tel:267-507-6085) Email: jgrabar@grabarlaw.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/223842
LOS ANGELES, CA / ACCESSWIRE / September 18, 2024 / The Schall Law Firm, a national shareholder rights litigation firm, reminds investors of a class action lawsuit against Five Below, Inc. ("Five Below" or "the Company") (NASDAQ:FIVE) for violations of 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
Investors who purchased the Company's securities between March 20, 2024 and July 16, 2024, inclusive (the "Class Period"), are encouraged to contact the firm before September 30, 2024.
If you are a shareholder who suffered a loss, click here to participate.
We also encourage you to contact Brian Schall of the Schall Law Firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at bschall@schallfirm.com.
The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
According to the Complaint, the Company made false and misleading statements to the market. Five Below claimed that it expected first quarter net sales of $826 million to $846 million based on opening 55 to 60 new stores in the first quarter. The Company also claimed that net sales for the full year would be in the range of $3.97 million to $4.07 million based on opening 225 to 235 new stores throughout the year. Despite its rosy outlook, the Company reported disappointing earnings for the first quarter and cut guidance for the year. Based on these facts, the Company's public statements were false and materially misleading throughout the class period. When the market learned the truth about Five Below, investors suffered damages.
The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.
CONTACT: The Schall Law Firm Brian Schall, Esq.www.schallfirm.com Office: 310-301-3335info@schallfirm.com
SOURCE: The Schall Law Firm
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