December 18, 2023 12:06 PM Eastern Standard Time
LOS ANGELES–(BUSINESS WIRE)–The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired The Estee Lauder Companies Inc. (“Estee Lauder” or the “Company”) (NYSE: EL) common stock between August 18, 2022 and May 2, 2023, inclusive (the “Class Period”). Estee Lauder investors have until February 5, 2024 to file a lead plaintiff motion.
The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of The Estee Lauder Companies Inc. (EL) InvestorsPost this
If you are a shareholder who suffered a loss, click here to participate.
On November 2, 2022, Estee Lauder disclosed that it was lowering its full year financial outlook for fiscal 2023, revealing an 11% decline in net sales, which the Company attributed to Covid-19, supply chain disruptions, and inflation. On this news, Estee Lauder’s stock price fell $16.80, or 8.1%, to close at $189.96 per share on November 2, 2022, thereby injuring investors.
Then, on February 2, 2023, Estee Lauder released its second quarter 2023 financial results and once again, lowered its outlook for fiscal year 2023. On this news, Estee Lauder’s stock price fell $19.63, or 7%, to close at $261.17 per share on February 6, 2023.
Then, on May 3, 2023, Estee Lauder disclosed that it had been experiencing weaker sales and profit for the year than estimated, lowering its guidance for the third time. On this news, Estee Lauder’s stock price fell $42.52, or 17.3%, to close at $202.70 per share on May 3, 2023, thereby injuring investors further.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants misrepresented and/or failed to disclose that the Company was unable to effectively manage its supply chain and product manufacturing, resulting in reduced revenues and margins, and increased inventory levels. Defendants misled investors by providing the public with materially flawed revenue guidance for fiscal 2023.
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If you purchased Estee Lauder securities during the Class Period, you may move the Court no later than February 5, 2024 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased Estee Lauder securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Contacts
The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007
info@frankcruzlaw.com
www.frankcruzlaw.com
Source : https://www.businesswire.com/news/home/20231218619281/en