NEW YORK, Feb. 26, 2024 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Northern District of Georgia on behalf of all persons or entities who purchased or otherwise acquired Fox Factory Holding Corp. (“Fox Factory” or the “Company”) (NYSE: FOXF) securities between May 6, 2021 and November 2, 2023, inclusive (the “Class Period”).
The Complaint alleges that on November 2, 2023, Fox Factory reported that its 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.” The Complaint further alleges that 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 segment. On this news, the price of Fox Factory common stock fell more than 37%.
Investors who purchased or otherwise acquired shares of Fox Factory should contact the Firm prior to the April 22, 2024 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
Please visit our website at http://www.gme-law.com for more information about the firm.
