Faruqi & Faruqi Reminds XPEL Investors of the Pending Class Action Lawsuit with a Lead Plaintiff Deadline of October 7, 2024 - XPEL

Core Viewpoint - Faruqi & Faruqi, LLP is investigating potential claims against XPEL, Inc. due to allegations of misleading statements and failure to disclose critical information that may have led to significant investor losses [2][4]. Group 1: Allegations and Financial Impact - The complaint against XPEL alleges that the company and its executives violated federal securities laws by making false or misleading statements and failing to disclose that competitors were capturing a larger market share, leading to a reliance on existing customers for revenue growth [4]. - XPEL's revenue growth for 2023 and 2024 is reported to be dwindling as a result of these issues, with the company's positive statements about its business being materially misleading [4]. - On October 19, 2023, a report from Culper Research claimed that XPEL had grossly understated its reliance on Tesla, estimating that Tesla accounts for 25% to 35% of XPEL's paint protection films business, contrary to XPEL's statement of only 5% [5]. - Following the report, XPEL's stock price fell by $10.57, or over 17%, closing at $50.65 per share [5]. - On May 2, 2024, XPEL reported first-quarter financial results, with GAAP earnings per share of $0.24, missing estimates by $0.06, and revenue of $90.1 million, missing estimates by $3.99 million. The company revised its full-year revenue growth projection down to 8-10% from 15% [6]. - This announcement led to a significant drop in XPEL's stock price, which fell by $20.93, or 38.91%, closing at $32.86 per share [6]. Group 2: Legal Proceedings and Investor Actions - Investors who suffered losses exceeding $100,000 in XPEL stock or options between November 8, 2023, and May 2, 2024, are encouraged to contact Faruqi & Faruqi to discuss their legal rights [1]. - There is an October 7, 2024, deadline for investors to seek the role of lead plaintiff in the federal securities class action filed against XPEL [2]. - The lead plaintiff is defined as the investor with the largest financial interest in the relief sought by the class, who will oversee the litigation on behalf of the class members [7].