EL Class Action Alert: Robbins LLP Reminds Investors of Lead Plaintiff Deadline in The Estee Lauder Companies Inc. Class Action
SAN DIEGO, Jan. 25, 2024 (GLOBE NEWSWIRE) — Robbins LLP reminds investors that a shareholder filed a class action on behalf of all persons and entities that purchased or otherwise acquired The Estee Lauder Companies Inc. (NYSE: EL) securities between August 18, 2022 and May 2, 2023. Estee Lauder manufactures, markets, and sells skin care, makeup, fragrance, and hair care.
What is this Case About: The Estee Lauder Companies Inc. (EL) Misled Investors Regarding Market Demand
According to the complaint, during the class period, defendants misled investors with unrealistic and materially false statements about market demand and its inventory levels. However, the truth was revealed on May 3, 2023, when Estee Lauder issued a press release announcing weaker sales and profit for the year than estimated and cut its fiscal year outlook for the third consecutive time. As a result, the price of Estee Lauder stock declined from $245.22 per share on May 2, 2023 to $202.70 per share on May 3, 2023.
What Now: Similarly situated shareholders may be eligible to participate in the class action against The Estee Lauder Companies Inc. Shareholders who want to act as lead plaintiff for the class should contact Robbins LLP. Plaintiffs must file their lead plaintiff papers by February 5, 2024. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
About Robbins LLP: Some law firms issuing releases about this matter do not actually litigate securities class actions; Robbins LLP does. A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002. Since our inception, we have obtained over $1 billion for shareholders.
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