NEW YORK, Dec. 08, 2023 (GLOBE NEWSWIRE) — Bernstein Liebhard LLP:
- Do you, or did you, own shares of The Estée Lauder Companies Inc. (NYSE: EL)?
- Did you purchase your shares between August 18, 2022 and May 2, 2023, inclusive?
- Did you lose money in your investment in The Estée Lauder Companies Inc.?
- Do you want to discuss your rights?
Bernstein Liebhard LLP announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the common stock of The Estée Lauder Companies Inc. (“Estée” or the “Company”) (NYSE: EL) between August 18, 2022 and May 2, 2023, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the Southern District of New York and alleges violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased or acquired Estée common stock, and/or would like to discuss your legal rights and options please visit The Estée Lauder Companies Inc. Shareholder Class Action Lawsuit or contact paralegal Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
According to the Complaint, Estée manufactures, markets, and sells skin care, makeup, fragrance, and hair care products worldwide. The Company offers its products under the Estée Lauder, Clinique, Origins, M·A·C, Bobbi Brown Cosmetics, La Mer, Aveda, Jo Malone London, TOM FORD, Too Faced, Dr.Jart+, and The Ordinary brands. The Company sells its products through department stores, specialty-multi retailers, upscale perfumeries and pharmacies, and salons and spas; freestanding stores; its own and authorized retailer websites; third-party online malls; stores in airports; and duty-free locations.
Defendants provided investors with material information concerning Estée’s expected revenue for the full year 2023. Defendants’ statements included, among other things, Estee’s progress made to improve cost structure, pricing power and strong cash generation. As a result, Estée forecasted net sales to increase between 3% and 5% versus the prior-year period, reported diluted net earnings per common share are projected to be between $7.11 and $7.33 and adjusted diluted earnings per common share are expected to increase between 5% and 7% on a constant currency basis.
On May 3, 2023, Estée issued a press release announcing weaker sales and profit for the year than estimated and accordingly cut its fiscal year outlook for a third consecutive time. Defendants attributed the further reduction in guidance to its Asia travel retail business, which continued to be pressured by the slower than anticipated recovery from the COVID pandemic.
On this news, the Company’s share price fell $42.52, or 17.33%, to close at $202.70 per share on May 3, 2023.
If you wish to serve as lead plaintiff, you must move the Court no later than February 5, 2024. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased or acquired Estée common stock, and/or would like to discuss your legal rights and options please visit The Estée Lauder Companies Inc. Shareholder Class Action Lawsuit or contact paralegal Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for sixteen consecutive years.
ATTORNEY ADVERTISING. © 2023 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Contact Information:
Peter Allocco
Paralegal
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
pallocco@bernlieb.com
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