Case Summary

Vestis Corporation

NYSE: VSTS

Case Details

  • Plumbers, Pipefitters and Apprentices Local No. 112 Pension Fund v. Vestis Corporation et al.
  • Class Period:October 2, 2023 - May 1, 2024
  • Date Filed:May 17, 2024
  • Jurisdiction:U.S. District Court, Northern District of Georgia
  • Docket Number: 1:24-cv-02175
  • Lead Plaintiff Deadline: July 16, 2024
Days Left to
Seek Plaintiff
21

Overview

A class action lawsuit has been filed against Vestis Corporation (“Vestis” or the “Company”) (NYSE: VSTS) and certain of the Company’s current and former senior executive officers alleging violations of the federal securities laws.  The Vestis lawsuit is brought on behalf of all persons and entities who purchased or otherwise acquired Vestis common stock between October 2, 2023, and May 1, 2024, both dates inclusive (the “Class Period”).  Investors have until July 16, 2024, to seek appointment as lead plaintiff of the Vestis class action lawsuit.

Vestis, based in Roswell, Georgia, was created as the result of its September 2023 spinoff from food service and facilities services provider Aramark, in which Vestis became an independent publicly traded company (the “Spinoff”).  Prior to the Spinoff, the Company that was to become Vestis operated as the Aramark Uniform Services division of Aramark, providing rental uniforms and workplace supplies, including: uniform delivery; laundering for rental linens, floor mats, and towels; restroom services; and first-aid supplies.  Vestis began trading as a public company on October 2, 2023 (the first day of the Class Period) on the New York Stock Exchange under the ticker symbol “VSTS.”  Vestis continues to provide rental uniforms and workplace supplies in the United States and Canada.

The Vestis class action lawsuit alleges that Defendants failed to disclose to investors that: (1) Aramark had historically underinvested in the business that became Vestis; (2) Vestis operated with outdated facilities and an underperforming sales force; (3) Vestis’s outdated facilities and underperforming sales force led to “service gaps” that had impeded the Company’s levers of growth and had resulted in customer attrition; and (4) as a result of the above, Defendants’ statements about Vestis’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.

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If you purchased or otherwise acquired Vestis common stock between October 2, 2023, and May 1, 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 Vestis lawsuit is July 16, 2024.

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