NEW YORK, Aug. 17, 2024 /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against Lululemon Athletica Inc. ("Lululemon" or the "Company") (NASDAQ: LULU). 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 Lululemon and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
You have until October 7, 2024, to ask the Court to appoint you as Lead Plaintiff for the class if you are a shareholder who purchased or otherwise acquired Lululemon 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 March 21, 2024, Lululemon issued a press release announcing its financial results for the fourth quarter and full year ended January 28, 2024, revealing the Company's growth was stagnating in the Americas region. Specifically, net revenue in the Americas grew 9% in the quarter and 12% in the fiscal year 2023, short of the 29% growth in the year-ago period and 12% growth in the previous quarter. On this news, Lululemon's stock price fell $75.65 per share, or 15.8%, to close at $403.19 per share on March 22, 2024.
Then, on July 24, 2024, Bloomberg reported that several analysts viewed Lululemon's inventory allocation as inconsistent, particularly as to the Breezethrough legging launched earlier that month, both in-store and online. On this news, Lululemon's stock price fell $9.31 per share, or 3.3%, to close at $272.06 per share on July 24, 2024.
On July 25, 2024, Bloomberg reported Lululemon's statement that the Company had decided "to pause on sales [of the Breezethrough yoga wear] for now to make any adjustments necessary to deliver the best possible product experience." On this news, Lululemon's stock price fell $24.74 per share, or 9.09%, go close at $247.32 per share on July 25, 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.
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
