NEW YORK, NY - (NewMediaWire) - May 8, 2024 - Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of Vestis Corporation (“Vestis” or the “Company”) (NYSE: VSTS). Click here to join the investigation.

If you are a Vestis investor and would like to learn more about our investigation, please click here. You may also contact us by emailing pmayer@kaplanfox.com or by calling (646) 315-9003.

Vestis provides uniform and workplace supplies and is the result of the September 30, 2023 spin-off of Aramark’s workplace supplies and uniform business. 

On May 2, 2024, Vestis issued a press release reporting its earnings for the second-quarter ended March 29, 2024.  The Company’s press release acknowledged a “revenue shortfall” and stated “[o]ur results in the quarter and outlook for the year are not in line with expectations. . . .”  In connection with its second quarter results, the Company lowered its fiscal 2024 revenue growth guidance from the previous range of 4.0 to 4.5% to growth in the range of negative 1% to 0%.  During the conference call that followed, the Company explained that “[c]ustomer losses reduced second quarter revenues by 9% year-over-year, more than offsetting our new business growth.”  Further, the Company’s President and CEO, Kim Scott, explained that Vestis needed to improve its processes and procedures to “do a better job on being on time, being complete, being fully loaded and putting metrics around that, so that we’re delivering consistently the expectations that our customers have for us.”

Following this news, the price of Vestis shares fell by $8.31 per share, about 45%, to close at $10.16 per share on May 2, 2024.

WHY CONTACT KAPLAN FOX - Kaplan Fox is a leading national law firm focusing on complex litigation with offices in New York, Oakland, Los Angeles, Chicago and New Jersey.  With over 50 years of experience in securities litigation, Kaplan Fox offers the professional experience and track record that clients demand.  Through prosecuting cases on the federal and state levels, Kaplan Fox has successfully shaped the law through winning many important decisions on behalf of our clients.  For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com. 

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

If you have any questions about this investigation, please contact:

Pamela A. Mayer
KAPLAN FOX & KILSHEIMER LLP
800 Third Avenue, 38th Floor
New York, New York 10022
(646) 315-9003
E-mail: pmayer@kaplanfox.com

Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax:  (415) 772-4707
E-mail: lking@kaplanfox.com