NEW YORK, March 23, 2024 (GLOBE NEWSWIRE) — Pomerantz LLP announces that a class action lawsuit has been filed against The Children’s Place, Inc. (“The Children’s Place” or the “Company”) (NASDAQ: PLCE). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
The class action concerns whether The Children’s Place and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
You have until April 29, 2024, to ask the Court to appoint you as Lead Plaintiff for the class if you are a shareholder who purchased or otherwise acquired The Children’s Place securities during the Class Period. A copy of the Complaint can be obtained at www.pomerantzlaw.com.
[Click here for information about joining the class action]
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 expected 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 Children’s Place’s share price fell $7.25, or 37%, to close at $12.51 per share on February 9, 2024
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
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CONTACT:
Danielle Peyton
Pomerantz LLP
dpeyton@pomlaw.com
646-581-9980 ext. 7980
