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FOXF.US
id: 1119

Fox Factory Holding Corp. (FOXF) Cut Guidance Case

N.D. Georgia
Court
1:24-cv-00747
Case number
06 May 2021
Class period Start
02 Nov 2023
Class period End
22 Apr 2024
Lead Plaintiff motion deadline
  • $FOXF stockholder filed a claim vs. Fox Factory for overstating its business prospects.
  • In November 2023, disappointing results and cut guidance caused $FOXF to fall 27.19%, losing over $948M in shareholder value.
On November 2, 2023, Fox Factory reported that:
  • Net sales for the third quarter of fiscal year 2023 decreased 19.1% year-over-year due to higher levels of inventory across various channels;
  • Fox Factory cut its full-year sales guidance from between $1.67B and $1.70B to between $1.45B and $1.47B, citing continued inventory destocking in its specialty sports group business segment.
On this news, $FOXF declined 27.19% and lost over $948 million of its market capitalization, seriously damaging shareholders.

Considering all the representations, investors have reasons to suspect Fox Factory of making false claims about its business, that led to investor losses when revealed.

The first affected investor already filed an initial claim vs. Fox Factory in the Northern District of Georgia court.
Alleged Offence
Misleading Statements
Failure to Disclose
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
03 November 2023
Filing date
20 February 2024
Lead Plaintiff Deadline
22 April 2024
Judge
Thomas W. Thrash, Jr.
Collecting participants…

Fox Factory Holding Corp

Fox Factory Holding Corp. designs, engineers, manufactures, and markets performance-defining products and system worldwide. The company offers powered vehicle products for side-by-side vehicles, on...

    Ticker
    FOXF.US
    ISIN
    US35138V1026
    CIK
    1424929
    Sector
    Consumer Cyclical
    Industry
    Auto Parts
    Country
    USA
    Address
    2055 Sugarloaf Circle, Duluth, GA, United States, 30097