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LESL.US
id: 817

Leslie's (LESL) Financial Misrepresentation Case

D. Arizona
Court
2:23-cv-01887
Case number
02 May 2021
Class period Start
13 Jul 2023
Class period End
07 Nov 2023
Lead Plaintiff motion deadline
  • Leslie's reported disappointing results and surprisingly cut outlook.
  • $LESL fell 29% and lost $0.5B of its market cap.
  • Shareholders suspect Leslie's of misleading about its true business prospects that consequently led to investment losses.
On July 13, 2023, Leslie's (LESL) revealed that sales in Q3 2023 had declined by a staggering 12%, its EPS was 42% below analysts’ estimates, and EBITDA was now between $124 to $128 million, well below the prior forecast of $197 million.

Additionally, after reaffirming its fiscal 2023 guidance the previous two quarters, Leslie’s abruptly slashed its financial outlook by up to a staggering 60% for the remainder of the year.
  • As an explanation, the Company revealed that “consumers entered the pool season with a greater than normal amount of chemicals leftover from last year,” resulting in reduced purchasing.
  • In addition, Leslie’s announced that its CFO Steven M. Weddell would be stepping down.
On this news, $LESL fell 29% and lost over $0.5 billion of its market capitalization, damaging shareholders.

Investors have reasons to suspect Leslie's of misleading and failing to disclose that its previous growth was caused by customers over-purchasing products to stockpile and such sales did not reflect durable and sustainable demand or financial growth.
Alleged Offence
Misleading Statements
Financial Misrepresentation
Failure to Disclose
Omissions
Suspected Party
Directors
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
14 July 2023
Filing date
08 September 2023
Lead Plaintiff Deadline
07 November 2023
Judge
Hon. Susan M Brnovich
Collecting participants…

Leslies Inc

Leslie's, Inc. operates as a direct-to-consumer pool and spa care brand in the United States. The company markets and sells pool and spa supplies and related products and services. It also offers v...

    Ticker
    LESL.US
    ISIN
    US5270641096
    CIK
    1821806
    Sector
    Consumer Cyclical
    Industry
    Specialty Retail
    Country
    USA
    Address
    2005 East Indian School Road, Phoenix, AZ, United States, 85016