A Deadline is coming up on March 10, 2015 in the lawsuit for investors in Five Below Inc (NASDAQ:FIVE) and NASDAQ:FIVE stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 02/25/2015 -- A deadline is coming up on March 10, 2015 in the lawsuit filed for investors of Five Below Inc (NASDAQ:FIVE) over alleged violations of Federal Securities Laws by Five Below Inc.
Investors who purchased shares of Five Below Inc (NASDAQ:FIVE) have certain options and for certain NASDAQ:FIVE investors are strict and short deadlines running. Deadline: March 10, 2015. NASDAQ:FIVE stockholders should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
According to the complaint filed in the the U.S. District Court for the Eastern District of Pennsylvania the plaintiff alleges on behalf of purchasers of Five Below Inc (NASDAQ:FIVE) common shares between June 5, 2014 and December 4, 2014, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that while actively concealing from investors that Five Below Inc's two founders intended to step down from their roles as Chief Executive Officer ("CEO") and Chairman and name as CEO their newly hired President – who was relatively new to Five Below and totally untested in the role of CEO at a publicly traded company – Five Below Inc raised its fiscal 2014 sales and earnings guidance twice, once on June 5, 2014 and then again on September 10, 2014.
The plaintiff alleges that with the price of Five Below Inc common stock increasing on their alleged misrepresentations about Five Below Inc's business metrics and financial prospects, reaching a high of nearly $48 in intraday trading, both of Five Below Inc's founders and its Chief Financial Officer cashed in, selling almost $30 million worth of their personally held shares at fraud-inflated prices.
The plaintiff alleges that on December 4, 2014, Five Below disclosed that its sales growth had diminished and that it was reducing its annual sales and profit forecasts and that same day, Five Below Inc's two founders announced their resignations as CEO and Chairman of Five Below – disclosing that the newly hired President was taking over as CEO. Shares of Five Below Inc (NASDAQ:FIVE) declined from over $46 per share in November 2014 to as low as $37.14 per share on December 10, 2014.
On January 8, 2015, Five Below Inc updated previously communicated fourth quarter of fiscal 2014 net sales and earnings guidance based on quarter-to-date results for the nine weeks ended January 3, 2015. Shares of Five Below Inc (NASDAQ:FIVE) declined from $43.75 per share on January 8, 2014, to as low as $31.71 on February 23, 2015.
Those who purchased shares of Five Below Inc (NASDAQ:FIVE) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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