NEW YORK, Feb. 20, 2025 (GLOBE NEWSWIRE) — The law firm of Kirby McInerney LLP reminds investors of the March 31, 2025, deadline to seek the role of lead plaintiff in a federal securities class action filed on behalf of investors who acquired Grocery Outlet Holding Corp. (“Grocery Outlet” or the “Company”) (NASDAQ:GO) securities during the period from November 7, 2023, through May 7, 2024 (“the Class Period”).
[LEARN MORE ABOUT THE CLASS ACTION]
On May 7, 2024, after market hours, Grocery Outlet announced its financial results for Q1 2024. The Company published below-expectation guidance for the second quarter and further reduced its guidance for the full fiscal year 2024. During the same-day earnings call, the Company attributed its results and lowered guidance to “both expected and unexpected impacts from our systems transition,” “unforeseen systems transition costs that surfaced at the end of the quarter,” and the resulting “residual expense from our commission support program as we finish store physical inventory counts in the second quarter.” On this news, the price of Grocery Outlet shares declined by $5.02 per share, or approximately 19.38%, from $25.90 per share on May 7, 2024, to close at $20.88 on May 8, 2024.
The complaint alleges that defendants, throughout the Class Period, failed to disclose the true state of Grocery Outlet’s transition to new and upgraded systems; notably, that the Company was either not truly equipped to timely and effectively execute on the transition or otherwise failed to disclose the potential for significant setbacks to Grocery Outlet’s profitability as a result of delays and implementation issues which impacted the Company’s visibility and performance.
If you purchased or otherwise acquired Grocery Outlet 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 fill out the form below, 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.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Contacts
Kirby McInerney LLP
Thomas W. Elrod, Esq.
212-699-1180
https://www.kmllp.com
investigations@kmllp.com
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