Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, Dec. 11, 2023 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises The Estée Lauder Companies Inc. (“Estée” or the “Company”) (NYSE: EL) investors that a lawsuit was filed on behalf of investors that purchased Estée securities between between August 18, 2022 and May 2, 2023, inclusive (the “Class Period”).
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 844-767-8529 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
The complaint against Estée Lauder details the company's global operations in manufacturing, marketing, and selling skin care, makeup, fragrance, and hair care products under various renowned brands. Estée Lauder products are sold through diverse channels including department stores, specialty retailers, perfumeries, pharmacies, salons, spas, its own and authorized retailer websites, online malls, airport stores, and duty-free locations.
The defendants provided investors with material information regarding Estée's revenue expectations for the full year of 2023. This included information about the company's efforts to improve its cost structure, its strong pricing power, and robust cash generation. Based on these factors, Estée forecasted a net sales increase of 3% to 5% over the previous year, projected reported diluted net earnings per share to be between $7.11 and $7.33, and expected adjusted diluted earnings per share to grow between 5% and 7% on a constant currency basis.
However, on May 3, 2023, Estée Lauder announced in a press release that its sales and profits for the year were weaker than previously estimated. Consequently, the company reduced its fiscal year outlook for the third consecutive time. This downward revision in guidance was attributed to challenges in the Asia travel retail business, which was recovering more slowly than anticipated from the COVID pandemic.
Following this announcement, Estée Lauder's share price dropped significantly, falling $42.52, or 17.33%, to close at $202.70 per share on May 3, 2023.
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The Portnoy Law Firm represents investors in pursuing claims caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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