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NEW YORK, Oct. 04, 2022 (GLOBE NEWSWIRE) — Bernstein Liebhard LLP, a nationally recognized investor rights law firm, is reminding investors of the deadline for filing a motion by lead plaintiff in a securities class action lawsuit filed on behalf of investors who own the common stock of Stitch Fix, Inc. (“Stitch Fix” or the “Company”) (NASDAQ: SFIX) between bought or acquired December 8, 2020 and March 8, 2022, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the Northern District of California alleging violations of the Securities Exchange Act of 1934.
Stitch Fix sells a range of clothing, shoes and accessories through its website and mobile application. Traditionally, Stitch Fix sold products as a “fix” box, which gave the customer a monthly box of items selected by a personal stylist. The customer does not know exactly which items he has received, but has the option of returning the items he does not want.
On December 8, 2020, Stitch Fix launched the “Freestyle” program – a new direct purchase program that allowed customers to choose which items they would like to purchase from the start. Related to this announcement, Stitch Fix promoted the Freestyle program as a way to “expand our addressable market, deepen customer retention and increase wallet share over time.” The company also stated that Freestyle would “serve as another catalyst as we acquire new customers, convert potential customers and reactivate expired customers.” Throughout the class action period, Stitch Fix touted that the two programs were synergistic and repeatedly denied claims that the Freestyle program could cannibalize its old Fix business.
However, on December 7, 2021, Stitch Fix admitted…
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