Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $50,000 In Grocery Outlet To Contact Him Directly To Discuss Their Options
If you suffered losses exceeding $50,000 in Grocery Outlet between November 7, 2023 and May 7, 2024 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
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NEW YORK, Jan. 31, 2025 (GLOBE NEWSWIRE) — Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Grocery Outlet Holding Corp. (“Grocery Outlet” or the “Company”) (NASDAQ: GO) and reminds investors of the March 31, 2025 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.
As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by disseminating materially false and misleading statements and/or concealing material adverse facts concerning the true state of Grocery Outlet’s transition to new and upgraded systems; notably, that the Company was either not truly equipped to timely and effectively execute on the transition or otherwise failed to disclose the potential for significant setbacks to Grocery Outlet’s profitability as a result of delays and implementation issues which impacted the Company’s visibility and performance.
On May 7, 2024, Grocery Outlet reported 1Q 2024 earnings that fell well below expectations and then lowered its guidance for the year. Management attributed the decrease to disruptions resulting from the implementation of new technology platforms in August 2023 and self-imposed commission support, following the system upgrade challenges. Analysts expressed concern at the Company’s slower-than-expected system upgrade, which has caused issues in product and data visibility, as well as operating challenges.
Following this news, Grocery Outlet’s stock price fell by $5.02 per share, or approximately 19.38% to close at $20.88 per share on May 8, 2024.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Grocery Outlet’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
To learn more about the Grocery Outlet class action, go to www.faruqilaw.com/GO or call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
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