Grocery Outlet(US:GO) Prnewswireยท2025-02-07 10:45Core Viewpoint - Grocery Outlet Holding Corp. is facing a class action securities lawsuit due to alleged securities fraud that affected investors between November 7, 2023, and May 7, 2024 [1][2]. Group 1: Lawsuit Details - The lawsuit was initiated after Grocery Outlet reported its first quarter financial results for fiscal 2024, which were significantly below expectations, and subsequently lowered its guidance for the second quarter and the full fiscal year 2024 [2]. - The company cited "unforeseen systems transition costs" and "residual expense from our commission support program" as reasons for the disappointing results and lowered guidance [2]. - Following the announcement, Grocery Outlet's stock price dropped to $20.88 per share on May 8, 2024, marking a decline of approximately 19.38% in one day [2]. Group 2: Investor Information - Investors who suffered losses during the specified timeframe have until March 31, 2025, to request appointment as lead plaintiff in the lawsuit [3]. - Class members may be entitled to compensation without any out-of-pocket costs or fees, and participation does not require serving as a lead plaintiff [3]. Group 3: Firm Background - Levi & Korsinsky, LLP has a strong track record in securities litigation, having secured hundreds of millions of dollars for shareholders over the past 20 years [4]. - The firm has been recognized in ISS Securities Class Action Services' Top 50 Report for seven consecutive years as one of the leading securities litigation firms in the United States [4].