NEW ORLEANS, Nov. 29, 2022 (GLOBE NEWSWIRE) -- Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until January 3, 2023 to file lead plaintiff applications in a securities class action lawsuit against FIGS, Inc. (NYSE: FIGS), if they purchased the Company’s securities between May 27, 2021 and May 12, 2022, inclusive (the “Class Period”) and/or shares pursuant to the Company’s June 2021 initial public offering (the “IPO”). This action is pending in the United States District Court for the Central District of California.
What You May Do
If you purchased securities of FIGS as above and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (email@example.com), or visit https://www.ksfcounsel.com/cases/nyse-figs/ to learn more. If you wish to serve as a lead plaintiff in this class action, you must petition the Court by January 3, 2023.
About the Lawsuit
FIGS and certain of its executives are charged with failing to disclose material information during the Class Period and/or in the Registration Statement and Prospectus issued in conjunction with the initial public offering, violating federal securities laws.
On May 12, 2022, the Company released disappointing 1Q2022 financial results and full year outlook for 2022, disclosing declines in expected 2022 net revenues, adjusted gross EBITDA margin, and expected gross margin, due to a “significant increase in the Company’s use of air freight to help mitigate supply chain challenges,” and that “[f]or the rest of the year, we plan to significantly increase our use of airfreight to reduce our exposure to these unpredictable transit times,” despite the Company’s prior reassurances regarding its ability to maintain an efficient and steady supply chain.
On this news, the price of FIGS’ shares plummeted, falling approximately 25% to close at $9.64 per share.
The case is Ryan v Figs, Inc., et al., No. 22-cv-7939.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, California, Louisiana and New Jersey.
To learn more about KSF, you may visit www.ksfcounsel.com.
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
1100 Poydras St., Suite 3200
New Orleans, LA 70163