NEW YORK, Oct. 06, 2022 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, PC, a nationally recognized shareholder rights law firm, is reminding investors that class action lawsuits can be filed on behalf of Stitch Fix, Inc. SFIXCoupang, Inc. CPNGHumanigen, Inc. HGENand Latch, Inc. LTCH. Shareholders have until the deadlines below to petition the court to appear as lead plaintiffs. For more information on each case, see the link provided.
StitchFix, Inc. SFIX
Class Period: December 8, 2020 – March 8, 2022
Lead Plaintiff Deadline: October 25, 2022
Stitch Fix sells a range of clothing, shoes and accessories through its website and mobile application. Traditionally, Stitch Fix sold products as “Fix” whereby the customer received 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. The customer paid a “styling fee” of $20 per fix, and this fee was applied to all items that the customer chose to purchase.
Ahead of the class action period, in 2019, Stitch Fix announced a new direct-to-buy retail component, eventually dubbed Freestyle. The Freestyle program allowed customers to search for specific products on the site, which gave customers more control over which items they received, but also removed the curation element that differentiated Stitch Fix from other e-retailers. The Freestyle program was first made available to a subset of existing Stitch Fix customers in 2020 and was phased out to all existing customers in early 2021. In September 2021, the Freestyle program was officially launched for new customers.
On December 7, 2021, Stitch Fix reported a loss for the first quarter of 2022, lowered its full-year revenue guidance and admitted for the first time that the company may experience near-term effects of cannibalization as a result of its “expansion into freestyle.” Result of…
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