NEW YORK, Nov. 16, 2022 (GLOBE NEWSWIRE) — Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of FIGS Inc. (NYSE: FIGS). A class action complaint has been filed on behalf of investors that purchased or otherwise acquired FIGS securities between May 27, 2021 and May 12, 2022 and/or FIGS stock pursuant and/or traceable to FIGS’ initial public offering (the “IPO”).
If you purchased or otherwise acquired FIGS securities and would like to discuss this case and our investigation, please contact us by emailing firstname.lastname@example.org or by calling (646) 315-9003 or our toll free number 1-800-290-1952.
If you are a member of the proposed Class, you may move the court no later than January 3, 2023 to serve as a lead plaintiff for the purported class. If you have losses, we encourage you to contact us to learn more about the lead plaintiff process. You need not seek to become a lead plaintiff in order to share in any possible recovery.
FIGS is a direct-to-consumer healthcare apparel and lifestyle brand that primarily sells its products in the United States through the Company’s digital platforms.
On or about May 27, 2021, FIGS conducted its IPO issuing more than 30 million shares of Class A common stock at the price of $22 per share.
According to the complaint, on May 12, 2022, the Company announced disappointing results and slashed its expected sales, gross margin, and adjusted earnings before interest, taxes, depreciation, amortization (“EBITDA”) because of “supply chain” issues. The complaint also alleges that the Company admitted that not only did the Company continue to rely on air freight during the first quarter of 2022, but that “[f]or the rest of the year, we plan to significantly increase our use of airfreight to reduce our exposure to these unpredictable times.” On this news, the Company’s stock fell $3.21 per share, approximately 25%, to close at $9.64 per share on May 13, 2022.
The complaint alleges that there were materially false and misleading statements issued in the offering documents and the Company made materially false and misleading statements during the class period.
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KAPLAN FOX & KILSHEIMER LLP
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