The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Five Below, Inc. (FIVE)

The Law Offices of Frank R. Cruz reminds investors of the upcoming September 30, 2024 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who acquired Five Below, Inc. (“Five Below” or the “Company”) (NASDAQ: FIVE) securities between December 1, 2022 to July 16, 2024, inclusive (the “Class Period”).

If you are a shareholder who suffered a loss, click here to participate.

On June 5, 2024, Five Below announced its first quarter 2024 sales results, falling below expectations, and cut its full year 2024 guidance.

On this news, Five Below’s stock price fell $14.07, or 10.6%, to close at $118.72 per share on June 6, 2024, thereby injuring investors.

Then, on July 16, 2024, after the market closed, Five Below announced that its Chief Executive Officer had stepped down “to pursue other interests.” Additionally, the Company provided quarter-to-date results and updated guidance for its second quarter of fiscal 2024, stating that it now expects sales to be between $820 to $826 million, compared to the previously expected $830 to $850 million, and net income of $0.53 to $0.56, compared to the previously expected $0.57 to $0.69.

On this news, Five Below’s stock price fell $25.57, or 25.1%, to close at $76.60 per share on July 17, 2024, thereby injuring investors.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) macroeconomic pressures were interfering with the Company’s strategic operations and preventing it from executing successfully; and (2) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

Follow us for updates on Twitter: twitter.com/FRC_LAW.

If you purchased or otherwise acquired Five Below securities during the Class Period, you may move the Court no later than September 30, 2024 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Century City, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240927557721/en/