The Law Offices of Frank R. Cruz Announces Investigation of FIGS, Inc. (FIGS) on Behalf of Investors
The Law Offices of Frank R. Cruz Announces Investigation of FIGS, Inc. (FIGS) on Behalf of Investors
LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces an investigation of FIGS, Inc. (“FIGS” or the “Company”) (NYSE: FIGS) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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In June 2021, FIGS completed its initial public offering (“IPO”), selling approximately 34.3 million shares of Class A common stock for $22 per share.
On May 12, 2022, FIGS announced disappointing financial results, adjusting its expected sales, gross margins, and EBITDA due to supply chain issues. The Company also admitted that it had continued to rely on air freight instead of the less expensive option of overseas shipping, despite previous claims that air freight was transitory.
On this news, FIGS’s stock fell $3.21, or 25%, to close at $9.64 per share on May 13, 2022, significantly below the IPO price, thereby injuring investors.
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If you purchased FIGS securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Contacts
The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007
fcruz@frankcruzlaw.com
www.frankcruzlaw.com
