| COMPANY |
Five Below, Inc. |
| COURT |
United States District Court for the Eastern District of Pennsylvania |
| CASE NUMBER |
24-cv-03638 |
| JUDGE |
The Hon. Gerald Austin McHugh Jr. |
| CLASS PERIOD |
December 1, 2022 through July 16, 2024 |
| SECURITY TYPE |
Common Stock |
Case Background:
This is a class action on behalf of all investors who purchased or otherwise acquired FIVE’s securities between March 20, 2024 to July 16, 2024, inclusive (the “Class Period”).
The Complaint alleges that defendants provided investors with false and/or materially misleading information about FIVE's financial strength and operations, including its outlook for the first quarter and full year 2024. This information included FIVE's statement that net sales are expected to be in the range of $826 million to $846 million based on opening approximately 55 to 60 new stores in the first quarter. Further, FIVE claimed that net sales for the full year are expected to be in the range of $3.97 billion to $4.07 billion based on opening between 225 and 235 new stores. Investors discovered that these statements were false and/or materially misleading when, on June 5, 2024, FIVE announced disappointing first quarter 2024 sales result and cut its full year 2024 guidance. In response to the disclosure, FIVE's stock price declined $14.07/per share within the span of just one day. On July 16, 2024, FIVE announced the resignation of Joel Anderson from his positions as President and Chief Executive Officer, as well as from his seat on the Company's Board of Directors. Concurrently, FIVE projected a decrease of 6% to 7% in comparable sales for the fiscal second quarter ending August 3, 2024. Following this news, FIVE's stock price dropped over 25% on July 17, 2024.
Current Status of Case:
On October 28, 2024, the Court entered Memorandum and Order Consolidating Matters and Appointing Lead Plaintiff and Lead Counsel. Lead Plaintiff filed an Amended Complaint on January 13, 2025. This action is ongoing.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; toll-free at (844) 887-9500; or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.