NEW YORK, NY / ACCESSWIRE / June 1, 2024 / Pomerantz LLP is investigating claims on behalf of investors of Grocery Outlet Holding Corp. ("Grocery Outlet" or the "Company") (NASDAQ:GO). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, ext. 7980.
The investigation concerns whether Grocery Outlet and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On May 7, 2024, Grocery Outlet issued a press release announcing its financial results for the first quarter of 2024. Among other items, Grocery Outlet reported non-GAAP earnings per share of $0.09, missing consensus estimates by $0.09. The Company disclosed that "[g]ross margin decreased by 180 basis points to 29.3%", stating that "the Company experienced disruptions as a result of the implementation of new technology platforms in late August 2023" and that "[s]uch disruptions are estimated to have negatively impacted gross margin by 210 basis points in the first quarter."
On this news, Grocery Outlet's stock price fell $5.02 per share, or 19.38%, to close at $20.88 per share on May 8, 2024.
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.
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SOURCE: Pomerantz LLP
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