Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm Encourages e.l.f. Beauty, Inc. (ELF) Investors To Inquire About Securities Fraud Class Action

LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP, a leading national shareholder rights law firm, announces that a securities fraud class action lawsuit has been filed on behalf of investors who purchased or otherwise acquired e.l.f. Beauty, Inc. (“Elf” or the “Company”) (NYSE: ELF) securities between November 1, 2023 and November 19, 2024, inclusive (the “Class Period”). Elf investors have until May 5, 2025 to file a lead plaintiff motion.

IF YOU SUFFERED A LOSS ON YOUR E.L.F. BEAUTY, INC. (ELF) INVESTMENTS, CLICK HERE TO INQUIRE ABOUT POTENTIALLY PURSUING CLAIMS TO RECOVER YOUR LOSS UNDER THE FEDERAL SECURITIES LAWS

What Happened?

On November 20, 2024, Muddy Waters Research published a report alleging, among other things, that Elf had “materially overstated revenue over the past three quarters,” and that, in the second quarter of 2024, the Company “began reporting inflated revenue and profits” as well as inventory “to account for cash that has not really come in.”

On this news, Elf’s stock price fell $2.71, or 2.2%, to close at $119.00 per share on November 20, 2024, thereby injuring investors.

What Is The Lawsuit About?

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) contrary to its representations to investors, the Company was experiencing rising inventory levels as a consequence of flagging sales; (2) Elf falsely attributed the rising inventory levels to, among other things, changes in its sourcing practices; (3) to maintain investor confidence, Elf reported inflated revenue, profits, and inventory over several quarters; (4) accordingly, the Company’s business and/or financial prospects were overstated; (5) all of the foregoing, once revealed, would likely have a material negative impact on the Company; and (6) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

If you purchased or otherwise acquired Elf securities during the Class Period, you may move the Court no later than May 5, 2025 to request appointment as lead plaintiff in this putative class action lawsuit.

Contact Us To Participate or Learn More:

If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact us:

Charles Linehan, Esq.,
Glancy Prongay & Murray LLP,
1925 Century Park East, Suite 2100,
Los Angeles California 90067
Email: [e-mail]
Telephone: [phone],
Toll-Free: 888-773-9224
Visit our website at www.glancylaw.com.
Follow us for updates on LinkedIn, Twitter, or Facebook.

If you inquire by email, please include your mailing address, telephone number and number of shares purchased.

To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.