San Diego, CA -- (SBWire) -- 09/19/2023 --An investor, who purchased NASDAQ: LESL shares, filed a lawsuit against Leslie's, Inc. over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements.
Investors who purchased shares of Leslie's, Inc. (NASDAQ: LESL) have certain options and for certain investors are short and strict deadlines running. Deadline: November 7, 2023. NASDAQ: LESL investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
Phoenix, AZ based Leslie's, Inc. operates as a direct-to-consumer pool and spa care brand in the United States. Approximately 80% of the Company's offerings are products essential to the care of pools and spas, such as chemicals, equipment, cleaning accessories, and parts.
On July 13, 2023, Leslie's, Inc. announced its preliminary results for its fiscal third quarter of 2023 ended on July 1, 2023, including a 9% year-over-year sales decline and a cut to the Company's fiscal 2023 guidance. The announcement quoted the CEO of Leslie's, Inc., revealing that "consumers entered the pool season with a greater than normal amount of chemicals left[ ]over from last year." In addition, the Company announced that its Chief Financial Officer would depart the following month. These revelations shocked analysts, resulting in several downgrades, with one firm concluding that "pretty much everything in the company's preliminary earnings release was more negative than we could have anticipated."
Shares of Leslie's, Inc. (NASDAQ: LESL) declined from $16.82 per share on November 11, 2022, to $5.28 per share on July 19, 2023.
The plaintiff claims that between February 5, 2021 and July 13, 2023, the Defendants misled investors and/or failed to disclose that the Company's growth was caused by customers over purchasing products, that such sales inflated revenues and earnings and were not indicative of durable and sustainable demand or financial growth, that the Company prolonged the inflated customer demand by warning customers that Leslie's could not "guarantee availability" of chemicals in the future, that any slowdown in sales was not a normalization of past seasonality, but was due to the prior excess stockpiling, and that as a result, Defendants' positive statements about the Company's financial guidance, business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
Those who purchased shares of Leslie's, Inc. (NASDAQ: LESL) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com
About The Shareholders Foundation
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
NASDAQ:LESL Investor Notice: Lawsuit Alleges False and Misleading Statements by Leslie's, Inc.
A lawsuit was filed on behalf of investors in Leslie’s, Inc. (NASDAQ:LESL) shares over alleged securities laws violations.