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NIKE, Inc. Class Action Lawsuit - NKE

27 days left to seek lead plaintiff status

Case Summary

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The NIKE class action lawsuit seeks to represent purchasers or acquirers of NIKE, Inc. (NYSE: NKE) Class B common stock between March 19, 2021 and March 21, 2024, inclusive (the “Class Period”).  Captioned City Pension Fund for Firefighters and Police Officers in the City of Pembroke Pines v. NIKE, Inc., No. 24-cv-010974 (D. Or.), the NIKE class action lawsuit charges NIKE and certain of NIKE’s top executives with violations of the Securities Exchange Act of 1934.

If you suffered substantial losses and wish to serve as lead plaintiff of the NIKE class action lawsuit, please provide your information in the form on this page.  You can also contact attorney J.C. Sanchez or Jennifer N. Caringal of Robbins Geller by calling 800/449-4900 or via e-mail at info@rgrdlaw.com.  Lead plaintiff motions for the NIKE class action lawsuit must be filed with the court no later than August 19, 2024.

CASE ALLEGATIONS: NIKE is a global athletic footwear and apparel company.

The NIKE class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) NIKE’s direct-to-consumer strategy was unable to generate sustainable revenue growth; and (ii) NIKE’s purported competitive advantages were unable to protect NIKE from intense competitive pressures after NIKE largely disengaged from many of its wholesale and retail partners to focus on NIKE’s direct-to-consumer strategy

The NIKE class action lawsuit further alleges that on June 27, 2022, NIKE announced that fourth quarter 2022 revenues declined 1% year-over-year, quarterly wholesale revenues declined 7% year-over-year, NIKE’s quarter gross margin declined 80 basis points year-over-year “primarily due to higher inventory obsolescence reserves in Greater China and elevated freight and logistics costs,” and NIKE posted a 2022 gross margin growth of 120 basis points year-over-year, significantly below expectations.  On this news, the price of NIKE Class B common stock fell nearly 7%, according to the complaint.

Then, on September 29, 2022, the NIKE class action lawsuit further alleges that NIKE reported significant year-over-year declines in net income (22%), diluted earnings-per-share (20%), and gross margin (220 basis points), with only a slight increase in NIKE’s quarterly revenue (4%).  On this news, the price of NIKE Class B common stock fell nearly 13%, according to the complaint. 

The NIKE class action lawsuit further alleges that on December 21, 2023, NIKE announced 1% total revenue growth year-over-year, which was dragged down by quarterly revenue declines in North America and Europe, Middle East, and Africa (“EMEA”).  On this news, the price of NIKE Class B common stock fell nearly 12%, according to the complaint.

Finally, the NIKE class action lawsuit alleges that on March 21, 2024, NIKE revealed a 3% year-over-year decline in EMEA revenue, a 3% year-over-year decline in NIKE Digital revenue, and quarterly revenue growth of approximately 0.4% year-over-year in NIKE Direct.  On this news, the price of NIKE Class B common stock fell nearly 7%, according to the complaint.

THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired NIKE Class B common stock during the Class Period to seek appointment as lead plaintiff in the NIKE 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 NIKE class action lawsuit.  The lead plaintiff can select a law firm of its choice to litigate the NIKE class action lawsuit.  An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the NIKE class action lawsuit.

ABOUT ROBBINS GELLER: Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms representing investors in securities fraud cases.  Our Firm has been #1 in the ISS Securities Class Action Services rankings for six out of the last ten years for securing the most monetary relief for investors.  We recovered $6.6 billion for investors in securities-related class action cases – over $2.2 billion more than any other law firm in the last four years.  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.

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