NEW YORK--(BUSINESS WIRE)--Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the Eastern District of Pennsylvania on behalf of investors who purchased Five Below, Inc. (“Five Below” or the “Company”) (NASDAQ:FIVE) securities between June 5, 2014 and December 4, 2014.
For more information, click here: http://zlk.9nl.com/five-below-five.
The complaint alleges that while the Company concealed from investors that its two founders intended to step down as CEO and Chairman, it also raised its fiscal 2014 sales and earnings guidance twice. The complaint further alleges that during this time Five Below’s founders and Chief Financial Officer sold almost $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; it was also disclosed that the Company’s founders were resigning as CEO and Chairman. Upon this news, shares of Five Below fell more than 12 percent.
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. To obtain additional information, contact Joseph E. Levi, Esq. either via email at email@example.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://zlk.9nl.com/five-below-five.
Levi & Korsinsky is a national firm with offices in New York, New Jersey, Connecticut and Washington D.C. The firm’s attorneys have extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits and have helped shareholders recover millions of dollars in losses over the years. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.