SAN DIEGO, Jan. 30, 2025 (GLOBE NEWSWIRE) — Robbins Geller Rudman & Dowd LLP announces that the Grocery Outlet class action lawsuit – captioned Liberato v. Grocery Outlet Holding Corp., No. 25-cv-00957 (N.D. Cal.) – seeks to represent purchasers or acquirers of Grocery Outlet Holding Corp. (NASDAQ: GO) securities and charges Grocery Outlet and certain of Grocery Outlet’s former top executives with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Grocery Outlet class action lawsuit, please provide your information here:
https://www.rgrdlaw.com/cases-grocery-outlet-holding-corp-class-action-lawsuit-go.html
You can also contact attorneys J.C. Sanchez or Jennifer N. Caringal of Robbins Geller by calling 800/449-4900 or via e-mail at info@rgrdlaw.com.
CASE ALLEGATIONS: Grocery Outlet operates as a retailer of consumables and fresh products sold through independently operated stores in the United States. According to the complaint, on November 7, 2023, Grocery Outlet CEO, defendant Robert Joseph Sheedy, disclosed an ongoing systems transition that began in August and would be completed by years’ end.
The Grocery Outlet class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) defendants created the false impression that they possessed reliable information pertaining to the completion of Grocery Outlet’s system transition and any potential impact resulting therefrom, while also minimizing the risks associated with potential and perceived setbacks to Grocery Outlet’s finances as a result of implementation errors and other issues surrounding the systems transition; (ii) in truth, defendants’ repeated indications as to both when the systems transition would be completed and how significantly it would impact Grocery Outlet’s sales and margins fell short of reality as defendants relied far too heavily on their ability to implement these new or otherwise upgraded systems without significant setbacks to Grocery Outlet’s finances; and (iii) Grocery Outlet was simply not equipped to properly execute on the transition as planned and communicated to investors, despite repeated assurances that the issues would be resolved and the transition completed with each coming quarter.
The Grocery Outlet class action lawsuit further alleges that on May 7, 2024, defendants released their first quarter of fiscal year 2024 results, which announced both a significantly larger-than-expected impact from systems transition issues and significantly below-market guidance for the second quarter. On this news, the price of Grocery Outlet stock fell more than 19%, according to the complaint.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Grocery Outlet securities during the Class Period to seek appointment as lead plaintiff in the Grocery Outlet class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Grocery Outlet class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Grocery Outlet class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Grocery Outlet class action lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms representing investors in securities fraud cases. Our Firm has been #1 in the ISS Securities Class Action Services rankings for six out of the last ten years for securing the most monetary relief for investors. We recovered $6.6 billion for investors in securities-related class action cases – over $2.2 billion more than any other law firm in the last four years. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:
https://www.rgrdlaw.com/services-litigation-securities-fraud.html
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Contact:
Robbins Geller Rudman & Dowd LLP
J.C. Sanchez, Jennifer N. Caringal
655 W. Broadway, Suite 1900, San Diego, CA 92101
800-449-4900
info@rgrdlaw.com
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