NEWTOWN, Pa., Sept. 26, 2024 /PRNewswire/ -- Edelson Lechtzin LLP, a leading class action law firm, announces the filing of a securities fraud class action on behalf of all investors of Domino's Pizza, Inc. (NYSE: DPZ) between December 7, 2023, and July 17, 2024, inclusive (the "Class Period"). A copy of the Complaint can be found HERE.
Investors who purchased Domino's stock during the Class Period may move the U.S. District Court for the Eastern District of Michigan to appoint them as lead plaintiff, no later than November 19, 2024. Please contact Edelson Lechtzin LLP to discuss your investment losses at 844-696-7492, or by e-mail at elechtzin@edelson-law.com.
Background Domino's Pizza, Inc.
Domino's Pizza is a multinational pizza restaurant chain headquartered in Ann Arbor, Michigan. The company operates in three segments: U.S. Stores, International Franchise, and Supply Chain.
The Securities Fraud Claims
Throughout the Class Period, the Complaint alleges that Defendants made materially false and misleading statements regarding the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (i) DPE, the Company's largest master franchisee, was experiencing significant challenges concerning both new store openings and closures of existing stores; (ii) as a result, Domino's was unlikely to meet its own previously issued long-term guidance for annual global net sore growth; and (iii) as a result, Domino's business and financial prospects were overstated.
On July 18, 2024, Domino's announced that it expects 175 to 275 fewer international stores than its goal due to challenges faced by one of its franchisees, Domino's Pizza Enterprises. The Company is suspending its guidance metric of 1,100+ global net stores and the CFO revealed that the long-term guidance announced in 2023 did not accurately reflect the franchisee's challenges. On this news, the price of Domino's stock fell $64.23 per share, or 13.57%, to close at $409.04 on July 18, 2024.
For more information, please contact:
Marc H. Edelson, Esq.
Eric Lechtzin, Esq.
EDELSON LECHTZIN LLP
411 S. State Street, Suite N-300
Newtown, PA 18940
Phone: 844-696-7492 or 215-867-2399 ext. 1
Email: medelson@edelson-law.com
Email: elechtzin@edelson-law.com
Web: www.edelson-law.com
Edelson Lechtzin LLP is a leading class action law firm with offices in Pennsylvania and California. In addition to cases involving securities and investment fraud, our lawyers focus on class and collective litigation in cases alleging violations of the federal antitrust laws, employee benefit plans under ERISA, wage theft and unpaid overtime, consumer fraud, and dangerous and defective drugs and medical devices.
This press release may be considered Attorney Advertising in some jurisdictions. No class has been certified in this case, so you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. Your ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
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SOURCE Edelson Lechtzin LLP
