The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Central District of California on behalf of those who acquired FIGS, Inc. (“FIGS” or the “Company”) (NYSE: FIGS) securities between May 27, 2021 through May 12, 2022 (the “Class Period”). Investors have until January 3, 2023 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
FIGS, Inc. provides healthcare apparel and lifestyle brands. The Company sells scrub tops, scrub pants, lab coats, under scrubs, and outwear for both men and women.
On or about June 1, 2021, FIGS conducted its IPO, offering approximately 30.34 million shares of its common stock to the investing public at a price of $22 per share.
On May 12, 2022, the Company announced disappointing results and slashed its expected sales, gross margin, and adjusted earnings before interest, taxes, depreciation, and amortization ("EBITDA") because of “supply chain” issues. On this news, the price of FIGS shares declined by $3.21 per share, or approximately 24.98%, from $12.85 per share to close at $9.64 on May 13, 2022.
The lawsuit alleges that, throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company's true ability to successfully secure repeat customers was inflated; (ii) the Company's increasing dependence on air freight; and (iii) the expected net revenues, gross margin, and adjusted EBITDA margin for 2022 were inflated.
If you purchased or otherwise acquired FIGS securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at email@example.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: http://www.kmllp.com.
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Kirby McInerney LLP
Thomas W. Elrod, Esq.