Grocery Outlet(GO) Prnewswire·2025-03-07 10:46Core 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 aims to recover losses for Grocery Outlet investors who were negatively impacted by the alleged fraud during the specified period [1] - On May 7, 2024, Grocery Outlet reported first-quarter financial results that were significantly below expectations and 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 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: Next Steps for Investors - Investors who suffered losses during the relevant timeframe have until March 31, 2025, to request to be appointed as lead plaintiff in the lawsuit [3] - Participation in the lawsuit does not require serving as a lead plaintiff, and class members may be entitled to compensation without any out-of-pocket costs [3] Group 3: Firm Background - Levi & Korsinsky, LLP has a history of securing hundreds of millions of dollars for shareholders and has extensive experience in complex securities litigation [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]