FIGS Inc. Class Action Lawsuit - FIGS

32 days left to seek lead plaintiff status

Case Summary

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The FIGS class action lawsuit seeks to represent purchasers or acquirers of FIGS Inc. (NYSE: FIGS): (i) securities between May 27, 2021 and May 12, 2022, inclusive (the “Class Period”); and/or (ii) stock pursuant and/or traceable to the offering documents issued in connection with FIGS’ initial public offering (the “IPO”).  Captioned Ryan v. FIGS, Inc., No. 22-cv-07939 (C.D. Cal.), the FIGS class action lawsuit charges FIGS as well as certain of its top executives and directors with violations of the Securities Act of 1933 and/or Securities Exchange Act of 1934.

If you suffered substantial losses and wish to serve as lead plaintiff of the FIGS class action lawsuit, please provide your information in the form on this page.  You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at jsanchez@rgrdlaw.com.  Lead plaintiff motions for the FIGS class action lawsuit must be filed with the court no later than January 3, 2023.

CASE ALLEGATIONS: FIGS is a direct-to-consumer healthcare apparel and lifestyle brand that primarily sells its products in the United States through FIGS’ digital platforms.  Through its IPO, defendants issued to the public more than 30.3 million shares of Class A common stock at the price of $22 per share.

The FIGS class action lawsuit alleges that the offering documents and defendants throughout the Class Period claimed that due to FIGS’ access to significant customer data, it was able to maintain an efficient and steady supply chain.  The truth was, however, that FIGS’ access to data did not allow it to mitigate supply chain problems through predictable sales.  Instead, FIGS had to increasingly rely on air freight that costs materially more than the overseas shipping it was previously reliant on.

On May 12, 2022, FIGS announced disappointing results and slashed its expected sales, gross margin, and adjusted earnings before interest, taxes, depreciation, and amortization (“EBITDA”) because of these “supply chain” issues.  FIGS also admitted that not only did they continue to rely on air freight during the first quarter of 2022, but that “[f]or the rest of the year, we plan to significantly increase our use of airfreight to reduce our exposure to these unpredictable transit times.”  On this news, FIGS’ stock price fell by approximately 25%, damaging investors.

THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired FIGS securities during the Class Period and/or stock pursuant and/or traceable to the offering documents issued in connection with FIGS’ IPO to seek appointment as lead plaintiff in the FIGS class action lawsuit.  A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class.  A lead plaintiff acts on behalf of all other class members in directing the FIGS class action lawsuit.  The lead plaintiff can select a law firm of its choice to litigate the FIGS class action lawsuit.  An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the FIGS class action lawsuit.

ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases.  The Firm is ranked #1 on the 2021 ISS Securities Class Action Services Top 50 Report for recovering nearly $2 billion for investors last year alone – more than triple the amount recovered by any other plaintiffs’ firm.  With 200 lawyers in 9 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.

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