SAN DIEGO, Aug. 01, 2024 (GLOBE NEWSWIRE) -- Robbins Geller Rudman & Dowd LLP announces that the Five Below class action lawsuit seeks to represent purchasers or acquirers of Five Below, Inc. (NASDAQ: FIVE) securities between March 20, 2024 and July 16, 2024, inclusive (the “Class Period”). Captioned Himes v. Five Below, Inc., No. 24-cv-03638 (E.D. Pa.), the Five Below class action lawsuit charges Five Below and Five Below’s Chief Executive Officer with violations of the Securities Exchange Act of 1934.

If you suffered substantial losses and wish to serve as lead plaintiff of the Five Below class action lawsuit, please provide your information here:

https://www.rgrdlaw.com/cases-five-below-inc-class-action-lawsuit-five.html

You can also contact attorneys J.C. Sanchez or Jennifer N. Caringal of Robbins Geller by calling 800/449-4900 or via e-mail at info@rgrdlaw.com.

CASE ALLEGATIONS: Five Below operates as a specialty value retailer in the United States.

The Five Below class action lawsuit alleges that defendants throughout the Class Period provided investors with materially false and misleading information concerning Five Below’s anticipated growth and net sales.

The Five Below class action lawsuit further alleges that on June 5, 2024, Five Below announced disappointing first quarter 2024 sales results and cut its full year 2024 guidance stating, “[n]et sales are expected to be in the range of $3.79 billion to $3.87 billion based on opening approximately 230 new stores and assumes an approximate 3% to 5% decrease in comparable sales. Net income is expected to be in the range of $275 million to $297 million.” On this news, the price of Five Below stock fell nearly 11%, according to the complaint.

Then, on July 16, 2024, Five Below announced that “Joel Anderson has stepped down from his roles of President and CEO, and from the Board of Directors, to pursue other interests,” “[c]omparable sales decreased 5.0% versus the restated and comparable period ended July 15, 2023,” and that “[a]s a result, [Five Below] now expects sales for the fiscal second quarter ending August 3, 2024 to be in the range of $820 million to $826 million and assumes an approximate 6% to 7% decrease in comparable sales,” according to the complaint. On this news, the price of Five Below stock fell more than 25%, according to the Five Below class action lawsuit.

THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Five Below securities during the Class Period to seek appointment as lead plaintiff in the Five Below class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Five Below class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Five Below class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Five Below class action lawsuit.

ABOUT ROBBINS GELLER: Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms representing investors in securities fraud cases. Our Firm has been #1 in the ISS Securities Class Action Services rankings for six out of the last ten years for securing the most monetary relief for investors. We recovered $6.6 billion for investors in securities-related class action cases – over $2.2 billion more than any other law firm in the last four years. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:

https://www.rgrdlaw.com/services-litigation-securities-fraud.html

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Contact:
        Robbins Geller Rudman & Dowd LLP
        J.C. Sanchez, Jennifer N. Caringal
        655 W. Broadway, Suite 1900, San Diego, CA 92101
        800-449-4900
        info@rgrdlaw.com