NEW YORK, Jan. 26, 2015 (GLOBE NEWSWIRE) -- The Rosen Law Firm, P.A., a global investor rights firm, alerts purchasers of Five Below, Inc. common stock (Nasdaq:FIVE) during the period from June 5, 2014 through December 4, 2014, of the important March 10, 2015 lead plaintiff deadline in the class action.
To join the Five Below class action, visit the firm's website at http://www.rosenlegal.com/cases-472.html or call Phillip Kim, Esq. or Kevin Chan, Esq. toll-free, at 866-767-3653; you may also email pkim@rosenlegal.com or kchan@rosenlegal.com for information on the class action.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY CHOOSE TO DO NOTHING AT THIS POINT AND REMAIN AN ABSENT CLASS MEMBER.
According to the lawsuit, defendants made false and misleading statements and failed to disclose adverse information about Five Below's business and prospects. Specifically, the complaint alleges that the Company concealed from investors that its two founders intended to step down as CEO and Chairman. At the same time that the Company was concealing this material fact, it raised its fiscal 2014 sales and earnings guidance twice. With the Company's stock trading at inflated prices due to the omissions and misrepresentations, both of Five Below's founders and its CFO took advantage, and sold $30 million worth of their personally held shares at fraud-inflated prices.
On December 4, 2014, Five Below disclosed that its sales growth had slowed and that it was reducing its sales and profit forecasts. On the same day, the Company's two founders also announced their resignations as CEO and Chairman. On this news, the price of Five Below stock fell, closing down 21% from its Class Period high.
If you wish to join the litigation go to http://www.rosenlegal.com/cases-472.html or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. of The Rosen Law Firm, toll-free, at 866-767-3653, or via e-mail at pkim@rosenlegal.com.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.