NEW ORLEANS, Sept. 13, 2022 (GLOBE NEWSWIRE) — ClaimsFiler, a FREE shareholder information service, is reminding investors they have until October 25, 2022 Lead Plaintiff’s Motions in a Securities Class Action Against Stitch Fix, Inc. SFIX, if you purchased the Company’s shares between December 8, 2020 and March 8, 2022 inclusive (the “Collection Period”). This lawsuit is pending in the United States District Court for the Northern District of California.
get help
Stitch Fix investors should visit us at https://claimsfiler.com/cases/nasdaq-sfix-1/ or call toll free (844) 367-9658. Kahn Swick & Foti, LLC attorneys are available to discuss your legal options.
About the lawsuit
Stitch Fix and certain of its officers are accused of failing to disclose material information during the Class Period in violation of federal securities laws.
On December 7, 2021, the Company announced the occurrence of “short-term cannibalization” of new customers who have elected to use its new buy-it-yourself freestyle option instead of the traditional fix option, as well as a loss for its first quarter of 2021 and a Cut its full-year sales guidance. On the news, Stitch Fix shares fell $5.97 per share, or 24%, from $24.97 per share to $19.00 per share.
Then, on March 8, 2022, the Company announced a weak outlook for the third quarter of 2022 and a cut to its full-year sales guidance, as well as “frictions” that had occurred due to customers visiting stitchfix.com, the primary landing page for customers, who are interested in the fix and are directed to the freestyle experience first. On the news, Stitch Fix shares fell $0.67 per share, or 6%, from $11.01 per share to $10.34 per share.
The case is Retail wholesale department store Union Local 338 Retirement Fund vs. Stitch Fix, Inc.No. 22-cv-4893.
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