Leslie’s, Inc. Class Action Lawsuit - LESL
Case Summary
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The Leslie’s class action lawsuit seeks to represent purchasers of Leslie’s, Inc. (NASDAQ: LESL) common stock between February 5, 2021 and July 13, 2023, inclusive (the “Class Period”). Captioned West Palm Beach Police Pension Fund v. Leslie’s, Inc., No. 23-cv-01887 (D. Ariz.), the Leslie’s class action lawsuit charges Leslie’s and certain of its top executive officers with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Leslie’s 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 Leslie’s class action lawsuit must be filed with the court no later than November 7, 2023.
CASE ALLEGATIONS: Leslie’s provides pool supplies and related equipment to end consumers, both residential and professional.
The Leslie’s class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) Leslie’s growth was caused by customers over-purchasing products to stockpile in case of a chemical shortage; (ii) such sales inflated revenues and earnings and were not indicative of durable and sustainable demand or financial growth; (iii) Leslie’s took advantage of chemical shortages by urging customers to stock up on the products because Leslie’s could not “guarantee availability” of chemicals in the future; and (iv) any slowdown in sales was not a normalization of past seasonality, but was due to the prior excess stockpiling.
The Leslie’s class action lawsuit further alleges on July 13, 2023, Leslie’s revealed that sales in the third quarter of 2023 had declined by 12%, Leslie’s earnings per share for the quarter was 42% below analysts’ estimates, and adjusted earnings before interest, taxes, depreciation, and amortization was now between $124 million to $128 million, below the prior forecast of $197 million. The complaint alleges that Leslie’s further revealed that “consumers entered the pool season with a greater than normal amount of chemicals leftover from last year.” The complaint further alleges that Leslie’s announced that its Chief Financial Officer, defendant Steven M. Weddell, would be stepping down. The Leslie’s class action lawsuit alleges that on this news, the price of Leslie’s common stock fell more than 42% over two trading sessions.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased Leslie’s common stock during the Class Period to seek appointment as lead plaintiff of the Leslie’s 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 Leslie’s class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Leslie’s class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Leslie’s 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 most recent ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 – the third year in a row Robbins Geller tops the list. And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 10 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.