Allegations Against Five Below, Inc. (NASDAQ: FIVE)

Recently, a class action lawsuit was filed against the company. The Five Below class action lawsuit further alleges that on June 5, 2024, Five Below announced disappointing first quarter 2024 sales results and cut its full year 2024 guidance stating, “[n]et sales are expected to be in the range of $3.79 billion to $3.87 billion based on opening approximately 230 new stores and assumes an approximate 3% to 5% decrease in comparable sales. Net income is expected to be in the range of $275 million to $297 million.” On this news, the price of Five Below stock fell nearly 11%, according to the complaint.

Johnson Fistel LLP’s investigation seeks to determine whether Five Below’s senior officers or members of its board of directors harmed the company by breaching their fiduciary duties or otherwise violating securities laws in connection with the foregoing alleged conduct.