PHILADELPHIA, Jan. 12, 2015 (GLOBE NEWSWIRE) -- Law Offices Bernard M. Gross P.C. filed a class action lawsuit in the United States District Court for the Eastern District of Pennsylvania, 15cv0094, on behalf of purchasers of the common stock of Five Below, Inc. (NYSE:FIVE) between June 5, 2014 and December 4, 2014. The case is pending before the Honorable L. Felipe Restrepo.
To join the Five Below class action, visit the firm's website http://www.bernardmgross.com or email debbie@bernardmgross.com or susang@bernardmgross.com or call toll-free 866-561-3600.
The Complaint was filed against the Company and certain executive officers alleging that during the Class Period, defendants made false and misleading statements and failed to disclose adverse information about Five Below's business. Specifically, the complaint alleges that the Company concealed from investors that its two founders intended to step down as CEO and Chairman. At the same time that the Company was concealing this material fact, it raised its fiscal 2014 sales and earnings guidance twice. With the Company's stock trading at inflated prices due to the omissions and misrepresentations, both of the Company's founders and its CFO took advantage, and sold $30 million worth of their personally held shares at fraud-inflated prices. On December 4, 2014, Five Below disclosed that its sales growth had slowed and that it was reducing its sales and profit forecasts. On the same day, the Company's two founders also announced their resignations as CEO and Chairman. On this news, the price of Five Below stock fell, closing down 21% from its Class Period high.
If you wish to serve as lead plaintiff, you must move the Court no later than March 10, 2015. Any member of the proposed Class may move the Court to serve as Lead Plaintiff through counsel of their choice, or may choose to do nothing and remain a member of the proposed Class. To discuss this action or ask questions concerning this notice or your rights, please contact plaintiff's counsel, toll-free 866-561-3600 or via email at debbie@bernardmgross.com or susang@bernardmgross.com. The firm has expertise in prosecuting class actions alleging violations of the federal securities laws.
To discuss this action or have any questions concerning this Notice with respect to these matters, PLEASE CONTACT:
| Law Offices Bernard M. Gross, P.C. | |
| Susan R. Gross, Esq. | |
| Deborah R. Gross, Esq. | |
| Telephone: 866-561-3600 (toll free) or 215-561-3600 | |
| E-mail: | susang@bernardmgross.com or |
| debbie@bernardmgross.com. | |
| Website: http://www.bernardmgross.com |