Vestis (US:VSTS) GlobeNewswire News Room·2025-07-16 13:14Core Viewpoint - The Gross Law Firm has issued a notice to shareholders of Vestis Corporation regarding a class action lawsuit due to allegations of misleading statements and failure to meet growth expectations, leading to a significant drop in stock price [1][3]. Summary by Relevant Sections Allegations - The complaint alleges that Vestis Corporation provided overly positive statements while concealing material adverse facts about its business growth capabilities. Specifically, it was claimed that Vestis would struggle to execute strategic initiatives aimed at improving customer experience and driving new customer growth [3]. Financial Performance - On May 7, 2025, Vestis announced disappointing financial results for Q2 of fiscal 2025, withdrawing its revenue and growth guidance for the full fiscal year. The company reported that it lost more business than it gained and experienced lower customer additions compared to stops, attributing these issues to an uncertain macro environment [3]. Stock Price Impact - Following the announcement of poor financial results, 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]. Class Action Details - Shareholders who purchased shares during the class period from May 2, 2024, to May 6, 2025, are encouraged to register for the class action. The deadline for seeking lead plaintiff status is August 8, 2025, and there is no cost to participate [4]. Law Firm Background - The Gross Law Firm is a nationally recognized class action law firm dedicated to protecting investors' rights against deceit and fraud. The firm aims to ensure companies adhere to responsible business practices and seeks recovery for investors affected by misleading statements [5].