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ClaimsFiler, a FREE shareholder information service, reminds investors that they have until January 3, 2023 to file lead plaintiff applications in a securities class action lawsuit against FIGS, Inc., 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.
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FIGS investors should visit us at https://claimsfiler.com/cases/nyse-figs/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.
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.
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