LESL - Saxena White P.A. Files New Securities Fraud Class Action Against Leslie's Inc. | Benzinga
BOCA RATON, Fla., Sept. 08, 2023 (GLOBE NEWSWIRE) -- Saxena White P.A. has filed a securities fraud class action lawsuit (the "Class Action") in the United States District Court for the District of Arizona against Leslie's, Inc. ("Leslie's" or the "Company") (NASDAQ:LESL) and certain of the Company's executive officers (collectively, "Defendants"). The Class Action asserts claims under Sections 10(b) and 20(a) of the Securities and Exchange Act of 1934 (the "Exchange Act") and U.S. Securities and Exchange Commission Rule 10b-5 promulgated thereunder on behalf of all persons or entities that purchased and/or acquired Leslie's common stock between February 5, 2021 and July 13, 2023, inclusive (the "Class Period"), and were damaged thereby (the "Class"). The Class Action filed by Saxena White is captioned: West Palm Beach Police Pension Fund v. Leslie's, Inc., No. 2:23-cv-01887-SMB (D. Ariz.).
Leslie's provides pool supplies and related equipment to residential and professional customers. Approximately 80% of the Company's offerings are products essential to the care of pools and spas, such as chemicals, equipment, cleaning accessories, and parts.
Throughout the Class Period, Leslie's customers were purchasing more chemicals than necessary, at significantly inflated prices. Rather than disclose that its impressive sales growth was based on artificial demand, the Company claimed its growth initiatives drove its financial results and produced "healthy ongoing consumer demand" that was "durable" and "showed no signs of slowing." As the Company itself was encouraging its customers to stockpile pool chemicals, Defendants were telling investors they "just haven't seen any indication ...