2024-08-28 | Investors Who Lost Money on Five Below, Inc. (FIVE) Should Contact Levi & Korsinsky About Ongoing Class Action – FIVE | NDAQ:FIVE

NEW YORK, NY / ACCESSWIRE / August 28, 2024 / If you have suffered a loss on your Five Below, Inc. (NASDAQ:FIVE) and would like to learn more about a potential recovery under the federal securities laws, please follow the link below for more information:

FIVE Lawsuit Submission Form

or contact Joseph E. Levi, Esq. by email at [email protected] or call (212) 363-7500 to speak with our team of experienced shareholder attorneys.

THE COURT CASE: A securities class action lawsuit has been filed against Five Below, Inc. seeking to recover losses suffered by shareholders who were adversely affected by alleged securities fraud between March 20, 2024 and July 16, 2024.

CASE DETAILS: 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 between $826 million and $846 million based on the opening of approximately 55 to 60 new stores in the first quarter. FIVE further stated that net sales for the full year are expected to be between $3.97 billion and $4.07 billion based on the opening of between 225 and 235 new stores.

Investors discovered that these statements were false and/or materially misleading when FIVE announced disappointing first quarter 2024 sales results and reduced its share capital on June 5, 2024.

full year 2024 guidance stating, “Net sales are expected to be between $3.79 billion and $3.87 billion based on the opening of approximately 230 new stores.” At the same time, FIVE claimed that for the second quarter, “Net sales are expected to be between $830 million and $850 million based on the opening of approximately 60 new stores.” In response to the announcement, FIVE’s stock price fell by $14.07 per share in 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. At the same time, FIVE forecast a 6% to 7% decline in comparable sales for the fiscal second quarter ended August 3, 2024. Following this news, FIVE’s stock price fell by more than 25% on July 17, 2024.

WHAT NOW? If you suffered a loss on FIVE shares during the relevant period, even if you still own your shares, please visit https://zlk.com/pslra-1/five-below-lawsuit-submission-form?prid=98873&wire=1 for more information about your rights to claim damages. Participation is completely optional and free of charge.

WHY LEVI & KORSINSKY: Over the past 20 years, Levi & Korsinsky LLP has established itself as a nationally recognized securities litigation firm that has secured hundreds of millions of dollars for injured shareholders and has a track record of winning high-stakes cases. The firm has extensive expertise in representing investors in complex securities litigation and a team of more than 70 associates to serve our clients. For seven consecutive years, Levi & Korsinsky has been ranked among the top securities litigation firms in the United States in the ISS Securities Class Action Services Top 50 Report. Attorney Advertisement. Past results do not guarantee similar outcomes.

CONTACT:

Levi & Korsinsky, LLP

Joseph E. Levi, Esq.

Ed Korsinsky, Esq.

33 Whitehall Street, 17th Floor

New York, NY 10004

[email protected]

Phone: (212) 363-7500

Fax: (212) 363-7171

https://zlk.com/

SOURCE: Levi & Korsinsky, LLP

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