NEW YORK, March 8, 2015 (GLOBE NEWSWIRE) -- Bronstein, Gewirtz & Grossman, LLC reminds investors that a securities class action has been filed in the United States District Court for the Eastern District of Pennsylvania on behalf of those who purchased shares of Five Below, Inc. ("Five Below" or the "Company") (Nasdaq:FIVE), during the period between June 5, 2014 and December 4, 2014, inclusive (the "Class Period").
The complaint alleges that the Company and its executives violated federal securities laws with respect to its statements concerning its business, operations, and prospects. Specifically, the complaint alleges that during the Class Period, 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 the Company'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, shares of Five Below fell $5.24, or over 12%, to close at $37.61 on December 5, 2014.
Plaintiff seeks to recover damages on behalf of all shareholders who purchased shares of Five Below during the Class Period described above.
No Class has yet been certified in the above action. If you wish to review a copy of the Complaint, to discuss this action, or have any questions, please contact Peretz Bronstein, Esq. or his Investor Relations Coordinator Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email info@bgandg.com. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. If you suffered a loss in Five Below you have until March 10, 2015 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.