FIVE INVESTOR NEWS: BFA Law Urges Five Below, Inc. Investors Who Lost Money to Notify Company Before September 30 Class Action Lawsuit Deadline

New York, New York–(Newsfile Corp. – September 16, 2024) – Leading securities law firm Bleichmar Fonti & Auld LLP announces the filing of a lawsuit against Five Below, Inc. (NASDAQ: FIVE) and certain of the company’s top executives.

If you have invested in Five Below, we recommend that you obtain additional information by visiting the website. https://www.bfalaw.com/cases-investigations/five-below-inc.

Investors have until September 30, 2024, to ask the court to be appointed to preside over the case. The complaint alleges claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 on behalf of investors in Five Below securities. The case is pending in the U.S. District Court for the Eastern District of Pennsylvania and is titled Himes vs. Five Below, Inc.no. 2:24-cv-3638.

What is the lawsuit about?

The complaint alleges that Five Below operates specialty discount stores and prices most of its products at $5 or less. The complaint further alleges that during the relevant period the company misrepresented its growing store traffic, merchandising opportunities and store expansions that supported its long-term growth. In reality, Five Below experienced macroeconomic pressures that dented its store traffic and hampered the successful operation of its business.

On June 5, 2024, Five Below reportedly revealed that macroeconomic pressures were causing lower-income customers to reduce their spending, leading to disappointing financial results for the company’s first quarter of 2024. Still, Five Below assured investors that “chasing trends has always been one of our strengths, and we will continue to identify and capitalize on trends quickly.” Despite the assurance, the news caused Five Below’s stock price to drop by approximately 10%, from $132.79 per share on June 5, 2024 to $118.72 per share on June 6, 2024.

After the market closed on July 16, 2024, Five Below announced that CEO Joel Anderson was stepping down as president and CEO and a member of the board of directors, effective immediately. At the same time, the company reported that its second quarter fiscal 2024 results showed that comparable sales were down 5% year-over-year. As a result, Five Below also announced that full quarter revenue would be in the range of $820 million-$860 million and that comparable sales would be down approximately 6%-7%. This news caused a significant 25% drop in the price of Five Below stock, from $102.07 per share on July 16, 2024 to $76.50 per share on July 17, 2024.

Click here for more information: https://www.bfalaw.com/cases-investigations/five-below-inc.

What can you do?

If you have invested in Five Below, you have rights and are encouraged to submit your information so you can speak with an attorney.

All representation is on a no cure no pay basis, it costs you nothing. Shareholders are not responsible for any legal costs or litigation expenses. The company will seek court approval for any costs and expenses. You can submit your details via:

https://www.bfalaw.com/cases-investigations/five-below-inc

Why Bleichmar Fonti & Auld LLP?

Bleichmar Fonti & Auld LLP is a leading global law firm representing plaintiffs in securities class action lawsuits and shareholder lawsuits. It was named one of the Top 5 Plaintiffs’ Law Firms for 2023 by ISS SCAS and its attorneys have been named Titans of the Plaintiffs’ Bar by Law360 and Thompson Reuters. Among its recent notable successes, BFA has recovered over $900 million in equity from the board of directors of Tesla, Inc. (pending court approval), as well as $420 million from Teva Pharmaceutical Ind. Ltd.

For more information about BFA and its attorneys, visit https://www.bfalaw.com.

https://www.bfalaw.com/cases-investigations/five-below-inc

Advertisement of lawyer. Past results are no guarantee of future results.

To view the source version of this press release, go to https://www.newsfilecorp.com/release/223264