NEW YORK, March 04, 2024 (GLOBE NEWSWIRE) -- The law firm of Kirby McInerney LLP reminds investors that a class action lawsuit has been filed in the U.S. District Court for the Northern District of Georgia on behalf of those who acquired Fox Factory Holding Corp. (“Fox Factory” or the “Company”) (NASDAQ:FOXF) securities during the period of May 6, 2021 through November 2, 2023, inclusive (“the Class Period”). Investors have until April 22, 2024 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
[Click here to learn more about the class action]
On November 2, 2023, Fox Factory filed a Form 8-K with the SEC, reporting that its net sales for the third quarter of fiscal year 2023 decreased 19.1% year-over-year due to “higher levels of inventory across various channels.” In addition, Fox Factory cut its full-year sales guidance from between $1.67 billion and $1.70 billion to between $1.45 billion and $1.47 billion, citing continued inventory destocking in its specialty sports group business segment. On this news, the price of Fox Factory shares declined by $22.60 per share, or approximately 37.3%, from $83.13 per share on November 2, 2023 to close at $60.53 on November 3, 2023.
The lawsuit alleges Fox Factory misled the market concerning demand for Fox Factory’s products and inventory levels throughout the Class Period. Specifically, Fox Factory allegedly made materially false and misleading statements from May 2021 through November 2023 which concealed a deterioration in the Company’s business: the increasing inventories that were impacting demand.
If you purchased or otherwise acquired Fox Factory securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@kmllp.com, or by filling out this CONTACT FORM, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website.
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Contacts
Kirby McInerney LLP
Thomas W. Elrod, Esq.
212-699-1180
https://www.kmllp.com
investigations@kmllp.com
