Overview

A class action lawsuit has been filed against Five Below, Inc. (“FIVE” or the “Company”) (NASDAQ: FIVE) and certain of the Company’s former and current senior executive officers alleging violations of the federal securities laws.  The FIVE class action lawsuit is brought on behalf of all persons and entities who purchased or otherwise acquired FIVE’s securities from March 20, 2024, to July 16, 2024, both dates inclusive (the “Class Period”).  Investors have until September 30, 2024, to seek appointment as lead plaintiff of the FIVE class action lawsuit.

FIVE is a Pennsylvania corporation formed in 2002.  It is a specialty value retailer offering merchandise targeted at the tween and teen demographic.  FIVE offers an edited assortment of products, with most priced at $5 and below.  FIVE’s edited assortment of products includes select brands and licensed merchandise.  FIVE believes its merchandise is readily available, and that there are a number of potential vendors that could be utilized, if necessary, under approximately the same terms that FIVE is currently receiving; thus, it is not dependent on a single vendor or a group of vendors.

The FIVE class action lawsuit alleges that Defendants, throughout the Class Period, provided investors with false and/or materially misleading information about FIVE’s financial strength and operations, including its outlook for the first quarter and full year 2024.  This information included FIVE’s statement that net sales are expected to be in the range of $826 million to $846 million based on opening approximately 55 to 60 new stores in the first quarter.  Further, FIVE claimed that net sales for the full year are expected to be in the range of $3.97 billion to $4.07 billion based on opening between 225 and 235 new stores.

As alleged in the FIVE class actions lawsuit, investors discovered that these statements were false and/or materially misleading when, on June 5, 2024, FIVE announced disappointing first quarter 2024 sales result and cut its full year 2024 guidance stating, “Net sales are expected to be in the range of $3.79 billion to $3.87 billion based on opening approximately 230 new stores.”  At the same time, FIVE claimed that for the second quarter, “Net sales are expected to be in the range of $830 million to $850 million based on opening approximately 60 new stores.”

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If you purchased or otherwise acquired FIVE’s securities between March 20, 2024, to July 16, 2024, both dates inclusive, and you wish to serve as lead plaintiff in this lawsuit, we encourage you to submit your information to DiCello Levitt LLP via the form on this page. 

You can also contact DiCello Levitt partner Brian O’Mara by calling (888) 287-9005 or at investors@dicellolevitt.com. 

The deadline to apply to the Court to serve as a lead plaintiff in the FIVE class action lawsuit is September 30, 2024.