The Gross Law Firm notifies investors that a class action has commenced in the United States District Court for the Northern District of Georgia on behalf of shareholders of Fox Factory Holding Corp. who purchased Securities between May 6, 2021 and November 2, 2023.
According to the filed complaint, defendants made misleading statements and omissions regarding the Company’s business, financial condition, and prospects, particularly with regard to demand for Fox Factory’s products and inventory levels. Specifically, the complaint alleges that on November 2, 2023, after the markets closed, Fox Factory filed a Form 8-K with the SEC, reporting that its net sales for the third quarter of fiscal year 2023 decreased 19.1% year-over-year due to "higher levels of inventory across various channels." In addition, Fox Factory cut its full-year sales guidance from between $1.67B and $1.70B to between $1.45B and $1.47B, citing continued inventory destocking in its Specialty Sports Group segment. On this news, the price of Fox Factory's common stock declined $22.60, or 37.34%, to close at $60.53 per share on November 3, 2023.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until April 22, 2024 to request that the court appoint them lead plaintiff.
To receive more information, please fill out the form.
