Vestis (US:VSTS) Prnewswireยท2025-06-20 12:00Core Viewpoint - Robbins LLP has initiated a class action lawsuit on behalf of investors who acquired Vestis Corporation (NYSE: VSTS) securities between May 2, 2024, and May 6, 2025, alleging that the company misled investors regarding its customer growth and strategic initiatives [1][2]. Group 1: Allegations and Financial Impact - The complaint alleges that Vestis Corporation failed to disclose its inability to execute planned strategic initiatives aimed at improving customer experience and onboarding, which were expected to drive new customer growth and revenue [2]. - On May 7, 2025, Vestis announced disappointing financial results for Q2 of fiscal 2025, withdrew its revenue guidance for the full fiscal year, and provided third-quarter guidance significantly below market expectations, attributing poor results to "lost business in excess of new business" and "lower adds over stops" [3]. - Following the announcement, Vestis' stock price plummeted from $8.71 per share on May 6, 2025, to $5.44 per share on May 7, 2025, marking a decline of approximately 37.54% in just one day [3]. Group 2: Class Action Participation - Shareholders interested in serving as lead plaintiffs in the class action must file a motion by August 8, 2025, with the lead plaintiff representing other class members in the litigation [4]. - Shareholders are not required to participate in the case to be eligible for recovery and can remain absent class members if they choose not to take action [4].