KIND - Bragar Eagel & Squire P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against Fox Factory and Nextdoor and Encourages Investors to Contact the Firm | Benzinga
NEW YORK, March 08, 2024 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of Fox Factory Holding Corp. (NASDAQ:FOXF), and Nextdoor Holdings, Inc. f/k/a Khosla Ventures Acquisition Co. II (NYSE:KIND). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.
Fox Factory Holding Corp. (NASDAQ:FOXF)
Class Period: May 6, 2021 - November 2, 2023
Lead Plaintiff Deadline: April 23, 2024
The Class Action alleges that, during the Class Period, Defendants made misleading statements and omissions regarding the Company's business, financial condition, and prospects. Specifically, Defendants misled the market concerning demand for Fox Factory's products and inventory levels.
The complaint further alleges that when these misleading statements and omissions about Fox Factory's business reached the market, investors were harmed significantly. For example, on November 2, 2023, after the markets closed, Fox Factory filed a Form 8-K with the SEC, reporting 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." In addition, 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 business segment.
On this news, the price of Fox Factory's common stock declined $22.60, or 37.34%, to close at $60.53 per share on November 3, 2023, on unusually high trading volume.
For more information on the Fox Factory class action go ...