Vestis (US:VSTS) GlobeNewswire News Roomยท2025-08-05 22:52Core Viewpoint - A class action lawsuit has been filed against Vestis Corporation for allegedly providing misleading information to investors regarding its business growth and strategic initiatives [1][3]. Group 1: Lawsuit Details - The lawsuit is on behalf of all individuals and entities that purchased Vestis securities between May 2, 2024, and May 6, 2025, with a deadline of August 8, 2025, to apply as lead plaintiff [1]. - The complaint alleges that Vestis made overwhelmingly positive statements while concealing material adverse facts about its business growth capabilities [3]. Group 2: Financial Performance - On May 7, 2025, Vestis announced disappointing financial results for Q2 2025, withdrawing its revenue and growth guidance for the full fiscal year [4]. - The company attributed its poor performance to "lost business in excess of new business" and "lower adds over stops," indicating a decline in customer volume [4]. - 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 one day [4].