(MENAFN- PR Newswire)
NEW YORK, Nov. 4, 2022 /PRNewswire/ --
Pomerantz LLP is investigating claims on behalf of investors of
('FIGS' or the 'Company')
Such investors are advised to contact Robert S. Willoughby at
or 888-476-6529, ext. 7980.
The investigation concerns whether FIGS and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On June 1, 2021, FIGS completed its initial public offering ('IPO'), selling 26.4 million shares of common stock priced at $22.00 per share.
Then, on May 12, 2022, the Company announced disappointing results and slashed its expected sales, gross margin, and adjusted EBITDA, citing 'supply chain issues.'
Despite earlier claiming that the Company's reliance on air freight was transitory, FIGS also admitted that not only had the Company continued to rely on air freight during the first quarter of 2022, but that '[f]or the rest of the year, we plan to significantly increase our use of airfreight to reduce our exposure to these unpredictable transit times.'
On this news, the Company's stock price fell $3.21 per share, or approximately 25%, to close at $9.64 per share on May 13, 2022.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See
CONTACT: Robert S. WilloughbyPomerantz LLP 888-476-6529 ext. 7980
SOURCE Pomerantz LLP
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.