NEW YORK, Jan. 22, 2024 /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against The Estee Lauder Companies, Inc. ("Estee Lauder" or the "Company") (NYSE: EL). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
The class action concerns whether Estee Lauder and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
You have until February 5, 2024, to ask the Court to appoint you as Lead Plaintiff for the class if you are a shareholder who purchased or otherwise acquired Estee Lauder securities during the Class Period. A copy of the Complaint can be obtained at www.pomerantzlaw.com.
[Click here for information about joining the class action]
On November 2, 2022, Estee Lauder issued a press release announcing it was lowering its full year outlook for fiscal 2023. Among other items, the Company announced net sales of $3.93 billion for its first quarter, a decline of 11% from $4.39 billion in the prior-year period, including negative impacts from foreign currency. Additionally, organic net sales fell 5%. Estee Lauder attributed these results to headwinds from the COVID-19 restrictions in China, supply chain disruptions and record-high inflation.
On this news, Estee Lauder's stock price fell $16.80 per share, or 8.13%, to close at $189.96 per share on November 2, 2022.
Then, on February 2, 2023, Estee Lauder issued a press release announcing that it was again lowering its outlook for fiscal year 2023. Despite the fact that emerging markets in other parts of Asia and the West delivered strong organic net sales growth, the Company blamed its lowered guidance on greater than anticipated challenges of COVID-19 restrictions in China.
On this news, Estee Lauder's stock price fell $19.63 per share, or 6.99%, over the following three trading sessions, to close at $261.17 per share on February 6, 2023.
Finally, on May 3, 2023, Estee Lauder issued another press release announcing weaker sales and profit for the year than estimated and accordingly cut its fiscal year outlook for a third consecutive time.
On this news, Estee Lauder's stock price fell $42.52 per share, or 17.34%, to close at $202.70 per share on May 3, 2023.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
Danielle Peyton
Pomerantz LLP
dpeyton@pomlaw.com
646-581-9980 ext. 7980
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SOURCE Pomerantz LLP
