NEW YORK, Dec. 08, 2023 (GLOBE NEWSWIRE) — Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities who purchased or otherwise acquired The Estee Lauder Companies, Inc. (“Estee Lauder” or the “Company”) (NYSE: EL) securities between August 18, 2022 and May 2, 2023, inclusive (the “Class Period”).
The Complaint alleges that Defendants misled investors with unrealistic and materially false statements about market demand Estee Lauder’s products and its inventory levels. These statements concealed the truth about Estee Lauder’s weakness in the market until, on May 3, 2023, Estee Lauder announced weaker sales and profit for the year than estimated and accordingly cut its fiscal year outlook for a third consecutive time. As a result, the price of Estee Lauder stock declined from $245.22 per share on May 2, 2023 to $202.70 per share on May 3, 2023.
Investors who purchased or otherwise acquired shares of Estee Lauder should contact the Firm prior to the February 5, 2024 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
Please visit our website at http://www.gme-law.com for more information about the firm.
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