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FOXF.US
id: 1119
Fox Factory Holding Corp. (FOXF) Cut Guidance Case
N.D. Georgia
Court1:24-cv-00747
Case number05/06/2021
Class period Start11/02/2023
Class period End04/22/2024
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.
Case Status
Motion to dismiss
Alleged Offence
Misleading Statements,
Failure to Disclose,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
11/03/2023
Filing date
02/20/2024
Lead Plaintiff Deadline
04/22/2024
Judge
Thomas W. Thrash, Jr.