NEWTOWN,
Pa., Aug. 13, 2024 /PRNewswire/ -- Edelson
Lechtzin LLP, a leading class action law firm, announces that
investors in lululemon athletica inc. (NASDAQ: LULU) stock between
December 7, 2023, and July 24, 2024 (the "Class Period"), may seek
appointment as lead plaintiff in the pending securities
fraud class action lawsuit. A copy of the Complaint
can be found HERE.
Investors who purchased Lululemon stock during the Class Period
should consult experienced legal counsel about moving the U.S.
District Court for the Southern District of New York to appoint them as lead plaintiff, no
later than October 7,
2024. Please contact Edelson Lechtzin LLP to
discuss your investment losses, at 844-696-7492 or by e-mail
at elechtzin@edelson-law.com. You can also submit your
trading information online HERE.
Background on Lululemon Athletica Inc.
Headquartered in Vancouver, British
Columbia, Canada, Lululemon is a technical athletic apparel
company that specializes in yoga, running, and training.
The Securities Fraud Claims
The Complaint alleges that during the Class Period
Defendants made materially false and/or misleading statements about
the company's business, operations, and prospects. Specifically,
Defendants failed to disclose to investors: (i) that the company
was struggling with inventory allocation issues and color palette
execution issues; (ii) that the company's Breezethrough
product launch underperformed; and (iii) that, as a result of the
foregoing, the Company was experiencing stagnating sales in the
Americas region.
After the market closed on March 21,
2024, Lululemon issued an earnings release for the fourth
quarter and full year that ended on January
28, 2024. The results showed that the company's growth in
the Americas was slowing. Specifically, net revenue in the Americas
increased by 9% in the quarter and 12% in the fiscal year 2023,
which was less than the 29% growth in the year-ago period and the
12% growth in the previous quarter. On this news, Lululemon stock
fell $75.65 per share, or 15.80%, to
close at $403.19 per share on
March 22, 2024, on unusually heavy
trading volume.
On July 24, 2024, Bloomberg
reported that analysts had observed inconsistent inventory
allocation at Lululemon, especially regarding the
Breezethrough leggings launched earlier that month, both
in-store and online. On this news, Lululemon stock fell
$9.31, or 3.3%, to close at
$272.06 per share on July 24, 2024, on unusually heavy trading
volume.
On July 25, 2024, Bloomberg
reported before the market opened that Lululemon had decided to
temporarily halt sales of the Breezethrough yoga wear "to
make any adjustments necessary to deliver the best possible product
experience." On this news, Lululemon's stock price fell
$24.74 per share, or 9.09%, to close
at $247.32 per share on July 25, 2024, on unusually heavy trading
volume.
For more information, please contact:
Marc H. Edelson, Esq.
Eric Lechtzin, Esq.
EDELSON LECHTZIN LLP
411 S. State Street, Suite N-300
Newtown, PA 18940
Phone: 844-696-7492 or 215-867-2399 ext. 1
Email: medelson@edelson-law.com
Email: elechtzin@edelson-law.com
Web: www.edelson-law.com
Edelson Lechtzin LLP is a leading class action law firm with
offices in Pennsylvania and
California. In addition to cases
involving securities and investment fraud, our lawyers
focus on class and collective litigation in cases alleging
violations of the federal antitrust laws, employee benefit plans
under ERISA, wage theft and unpaid overtime, consumer
fraud, and dangerous and defective drugs and medical
devices.
This press release may be considered Attorney Advertising in
some jurisdictions. No class has been certified in this case, so
you are not represented by counsel unless you retain one. You may
select counsel of your choice. You may also remain an absent class
member and do nothing at this point. Your ability to share in any
potential future recovery is not dependent upon serving as lead
plaintiff.
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SOURCE Edelson Lechtzin LLP
