Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Leslie's, Inc. (“Leslie's” or the “Company”) (NASDAQ: LESL) common stock between February 5, 2021 and July 13, 2023, inclusive (the “Class Period”). Leslie's investors have until November 7, 2023 to file a lead plaintiff motion.
Investors suffering losses on their Leslie's investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.
On July 13, 2023, Leslie’s released its preliminary financial results for the third quarter of 2023 and disclosed a sales decline of 12%. The Company claimed that “customer surveys conducted towards the end of the quarter also indicated increased price sensitivity and that consumers entered the pool season with a greater than normal amount of chemicals leftover from last year.” Leslie’s also announced that its Chief Financial Officer was stepping down.
On this news, the Company’s stock price fell $2.82, or 29.6%, to close at $6.70 per share on July 14, 2023, 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) the Company’s growth was caused by customers over purchasing products to stockpile in case of a chemical shortage; (2) such sales inflated revenues and earnings and were not indicative of durable and sustainable demand or financial growth; (3) the Company took advantage of chemical shortages by urging customers to stock up on the products because Leslie’s could not “guarantee availability” of chemicals in the future; and (4) any slowdown in sales was not a normalization of past seasonality, but was due to the prior excess stockpiling; and (5) 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.
If you purchased Leslie's common stock, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com
