Grocery Outlet(US:GO) GlobeNewswire News Roomยท2025-03-30 15:56Core Viewpoint - A securities class action lawsuit has been filed against Grocery Outlet Holding Corp. for alleged misconduct during the Class Period from November 7, 2023, to May 7, 2024, related to the company's Systems Transition and its impact on financial performance [1][2][3]. Group 1: Allegations and Impact - The lawsuit claims that during the Class Period, Grocery Outlet's management misled investors regarding the reliability of information about the Systems Transition and downplayed potential financial risks associated with it [3]. - On May 7, 2024, Grocery Outlet reported first quarter fiscal year 2024 results that revealed a larger-than-expected negative impact from Systems Transition issues, leading to a significant stock price drop from $25.90 to $20.88, a decline of approximately 19.38% in one day [4]. Group 2: Legal Process - Investors in Grocery Outlet have until March 31, 2025, to apply to be appointed as lead plaintiffs in the class action, representing the interests of all class members [5]. - The lead plaintiff will select legal counsel to represent the class, and participation as a lead plaintiff does not affect the ability to share in any recovery from the lawsuit [5]. Group 3: Law Firm Information - Kessler Topaz Meltzer & Check, LLP is handling the class action and has a reputation for prosecuting class actions and recovering significant amounts for victims of corporate misconduct [6].