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PETS.US
id: 995
PetMed Express (PETS) Q2’23 Missed Sales Estimate and Dividend Suspension Case
- In October 2023, PetMed (PETS) released its Q2’23 financial results, missing net sales estimates and suspending quarterly dividend.
- On it, $PETS fell 24.9%, losing $48M+ of shareholder value.
- Investors may have grounds to suspect that PetMed hid its financial setbacks, which led to their losses.
On October 30, 2023, PetMed released its financial results for Q2’23, reporting net sales of $71 million, missing estimates by $5 million. The Company also disclosed suspension of the quarterly dividend to invest the company's cash flow in projects and initiatives with higher returns.
On this news, $PETS fell 24.9% and lost over $48 million of its market capitalization, seriously damaging shareholders.
Considering all the information, investors might have grounds to suspect that PetMed failed to timely disclose its financial setbacks, which consequently led to their losses.
The case is already under investigation by at least one of the reputable law firms.
Case Status
Attorney Investigation
Alleged Offence
Misleading Statements,
Failure to Disclose,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
31 October 2023