Case Summary

Fox Factory

NASDAQ: FOXF

Case Details

  • Marselis v. Fox Factory Holding Corp. et al.
  • Class Period:May 6, 2021 - November 2, 2023
  • Date Filed:February 20, 2024
  • Jurisdiction:U.S. District Court, Northern District of Georgia
  • Docket Number: 1:24-cv-00747
  • Lead Plaintiff Deadline: April 22, 2024
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Overview

A class action lawsuit has been filed against Fox Factory Holding Corp. (“Fox Factory” or the “Company”) (NASDAQ: FOXF) and certain of the Company’s current and former senior executive officers alleging violations of the Securities Exchange Act of 1934.  The Fox Factory lawsuit is brought on behalf of all persons and entities who purchased or otherwise acquired Fox Factory common stock between May 6, 2021 and November 2, 2023, both dates inclusive (the “Class Period”), and investors have until April 22, 2024 to seek appointment as lead plaintiff of the Innodata class action lawsuit.

Fox Factory engineers, manufactures, and markets high-performance suspension products for numerous applications throughout the world.

The lawsuit alleges that Defendants, throughout the Class Period, made misleading statements and omissions regarding the Company’s business, financial condition, and prospects.  Specifically, Defendants misled the market concerning demand for Fox Factory’s products and inventory levels.  When the truth about Fox Factory’s business reached the market, investors were harmed significantly.

For example, on November 2, 2023, after the markets closed, Fox Factory filed a Form 8-K with the U.S. Securities and Exchange Commission, reporting that its net sales for the third quarter of fiscal year 2023 decreased 19.1% year-over-year due to “higher levels of inventory across various channels.”  In addition, Fox Factory cut its full-year sales guidance from between $1.67 billion and $1.70 billion to between $1.45 billion and $1.47 billion, citing continued inventory destocking in its specialty sports group business segment.  On this news, the price of Fox Factory’s common stock declined $22.60, or 37.34%, to close at $60.53 per share on November 3, 2023, on unusually high trading volume.

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If you purchased or otherwise acquired Fox Factory (NASDAQ: FOXF) common stock between May 6, 2021 and November 2, 2023, both dates inclusive, and suffered substantial losses, 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 Fox Factory lawsuit is April 22, 2024.

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