FIVE STOCK DEADLINE: If you have suffered losses on your investment in Five Below, Inc., notify BFA Law before the September 30 class action deadline approaches.

Investors have until September 30, 2024, to ask the court to direct the case. The lawsuit asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 on behalf of investors in Five Below securities. The case is pending in the U.S. District Court for the Eastern District of Pennsylvania and is titled Himes v. Five Below, Inc.No. 2:24-cv-3638.

What is the lawsuit about?

The lawsuit alleges that Five Below operates specialty discount stores and offers most of its products at $5 or less. The lawsuit further alleges that during the period in question, the company misrepresented its increasing foot traffic, merchandising opportunities, and store expansions that underpinned its long-term growth. In truth, Five Below allegedly faced macroeconomic pressures that affected its foot traffic and hindered the company’s successful operations.

On June 5, 2024, Five Below reportedly announced that macroeconomic pressures had caused lower-income customers to reduce spending, leading to disappointing financial results for the company’s first quarter of 2024. Nonetheless, Five Below assured investors that “following trends has always been one of our strengths and we will continue to quickly identify and capitalize on trends.” Despite this assurance, the news caused Five Below’s stock price to fall by about 10%, from $132.79 per share on June 5, 2024 to $118.72 per share on June 6, 2024.

After the market closed on July 16, 2024, Five Below announced that CEO Joel Anderson had resigned as President and CEO and as a member of the Board of Directors, effective immediately. At the same time, the company reported that quarterly results for the second quarter of fiscal 2024 showed that comparable sales declined 5% year over year. As a result, Five Below also announced that revenue for the full quarter would be in the range of $820 million to $860 million and comparable sales would decline approximately 6% to 7%. This news caused Five Below’s stock price to decline significantly by 25%, from $102.07 per share on July 16, 2024 to $76.50 per share on July 17, 2024.

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What can you do?

If you have invested in Five Below, you have rights and are encouraged to submit your information to speak with an attorney.

All representation is on a contingency basis. There are no costs for youShareholders will not be responsible for any court or litigation costs. The Company will seek court approval for any fees and costs. Send your information to:

Why Bleichmar Fonti & Auld LLP?

Bleichmar Fonti & Auld LLP is a leading international law firm representing plaintiffs in class actions and shareholder litigation. It was named a Top 5 Plaintiffs Firm for 2023 by ISS SCAS and its lawyers have been named Titans of the Plaintiffs’ Bar by Law360 and SuperLawyers by Thompson Reuters. Recent notable successes include BFA recovering over $900 million in value from the board of Tesla, Inc. (subject to court approval) and $420 million from Teva Pharmaceutical Ind. Ltd.

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The Five Below share at the time of publication of the news with an increase of +4.26 % up to 87.16EUR
on the Tradegate exchange (September 13, 2024, 10:26 p.m.).