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Home Uncategorized The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Fox Factory Holding Corp. (FOXF) Investors

The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Fox Factory Holding Corp. (FOXF) Investors

by Business Wire News
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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 Fox Factory Holding Corp. (“Fox Factory” or the “Company”) (NASDAQ: FOXF) common stock between May 6, 2021 and November 2, 2023, inclusive (the “Class Period”). Fox Factory investors have until April 22, 2024 to file a lead plaintiff motion.


If you are a shareholder who suffered a loss, click here to participate.

On November 2, 2023, Fox Factory revealed that its third quarter 2023 net sales had decreased 19.1% year-over-year due to “higher levels of inventory across various channels.” Additionally, the Company significantly lowered its full year sales guidance due to continued inventory destocking.

On this news, Fox Factory’s stock price fell $22.60, or 27.2%, to close at $60.53 per share on November 3, 2023, thereby injuring investors.

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: (1) concealed a deterioration in Fox Factory’s business, in particular, increased inventories that were impacting demand; and (2) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

Follow us for updates on Twitter: twitter.com/FRC_LAW.

If you purchased Fox Factory common stock during the Class Period, you may move the Court no later than April 22, 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 Fox Factory common stock, 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

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