LOS ANGELES, Nov. 15, 2022 (GLOBE NEWSWIRE) — Glancy Prongay & Murray LLP (“GPM”) reminds investors of what’s to come January 3, 2023 Deadline for filing a motion by lead plaintiff in the class action lawsuit filed on behalf of FIGS, Inc. (“FIGS” or the “Company”) (NYSE: FIG) Investors who have purchased: (a) Securities between May 27, 2021 and May 12, 2022, inclusive (the “Class Period”); and/or (b) Shares pursuant to and/or traceable to the offering documents issued in connection with the Company’s May 2021 IPO (“IPO”).
If you have suffered a loss on your FIG investments or would like to inquire about potential claims to recover your loss under federal securities laws, you may submit your contact information at www.glancylaw.com/cases/figs-inc/. You can also contact GPM’s Charles H. Linehan at 310-201-9150, toll free at 888-773-9224, or email at [email protected] to learn more about your rights.
In May 2021, FIG completed its IPO, selling approximately 34.3 million Class A common shares at $22 per share.
On May 12, 2022, FIG announced disappointing financial results and adjusted expected sales, gross margins and EBITDA due to supply chain issues. The company also admitted that despite previous claims that air freight is temporary, it has continued to use air freight rather than the more cost-effective option of overseas shipping.
On the news, FIG’s stock fell $3.21, or 25%, to close at $9.64 per share on May 13, 2022, well below the IPO price, hurting investors.
The complaint filed in this class action alleges that the defendants made materially false and/or misleading statements and failed to disclose material adverse facts about the Company’s business, operations and prospects. In particular, the defendants: (1) inflated the Company’s true ability to successfully acquire repeat customers; (2) failed to disclose the company’s increasing reliance on air freight; (3)…
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