Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until October 25, 2022 to file lead plaintiff applications in a securities class action lawsuit against Stitch Fix, Inc. (NasdaqGS: SFIX), if they purchased the Company’s shares between December 8, 2020, and March 8, 2022, inclusive (the “Class Period”). This action is pending in the United States District Court for the Northern District of California.
What You May Do
If you purchased shares of Stitch Fix and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (lewis.kahn@ksfcounsel.com), or visit https://www.ksfcounsel.com/cases/nasdaqgs-sfix/ to learn more. If you wish to serve as a lead plaintiff in this class action, you must petition the Court by October 25, 2022.
About the Lawsuit
Stitch Fix and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On December 7, 2021, the Company disclosed the occurrence of “short term cannibalization” from new customers who chose to use its new direct-buy Freestyle option rather than the traditional Fix option, as well as a loss for its first quarter of 2021 and a cut to its full-year revenue projections. On this news, shares of Stitch Fix declined by $5.97 per share, or 24%, from $24.97 per share to $19.00 per share.
Then, on March 8, 2022, the Company disclosed a weak outlook for the third quarter of 2022 and a cut to its revenue guidance for the full year, as well as “friction” that had occurred due to customers visiting stitchfix.com, the primary landing page for customers interested in the Fix, being redirected to the Freestyle experience first. On this news, shares of Stitch Fix declined by $0.67 per share, or 6%, from $11.01 per share to $10.34 per share.
The case is Retail Wholesale Department Store Union Local 338 Retirement Fund v. Stitch Fix, Inc., No. 22-cv-4893.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, California, Louisiana and New Jersey.
To learn more about KSF, you may visit www.ksfcounsel.com.
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Contacts
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
lewis.kahn@ksfcounsel.com
1-877-515-1850
