VTYX - Bragar Eagel & Squire P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against Children's Place and Ventyx and Encourages Investors to Contact the Firm | Benzinga
NEW YORK, March 11, 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 The Children's Place (NASDAQ:PLCE), and Ventyx Biosciences, Inc. (NASDAQ:VTYX). 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.
The Children's Place (NASDAQ:PLCE)
Class Period: March 16, 2023 - February 8, 2024
Lead Plaintiff Deadline: April 29, 2024
On February 9, 2024, before the market opened, The Children's Place announced its preliminary fourth quarter fiscal year 2023 financial results. Therein, the Company revealed that it now expected fourth quarter net sales between $454 million and $456 million, falling short of previously issued guidance. The Company also disclosed that it would expect to incur an adjusted operating loss in the fourth quarter in range of (9.0%) to (8.0%) of net sales, which reflected the impact of "lower than expected merchandise margins resulting from more aggressive promotions in an effort to maximize sales, higher than anticipated split shipments to meet customer e-commerce demand, and increased inventory valuation adjustment."
On this news, the Company's share price fell $7.25 or 37%, to close at $12.51 per share on February 9, 2024, on unusually heavy trading volume.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that the Company was engaged in aggressive promotions; (2) that, as a result, the Company's inventory values were overstated; ...