Grocery Outlet(GO) Prnewswire·2025-02-15 17:52Core Viewpoint - A securities class action lawsuit has been filed against Grocery Outlet Holding Corp. for alleged misconduct during the Class Period from November 7, 2023, to May 7, 2024, with a lead plaintiff deadline set for March 31, 2025 [1]. Group 1: Allegations and Impact - The lawsuit claims that during the earnings call on November 7, 2023, Grocery Outlet disclosed an ongoing Systems Transition that began in August and was expected to be completed by the end of the year, along with material information regarding expected profits for fiscal year 2024 [3]. - Throughout the Class Period, the company allegedly misled investors by creating a false impression of having reliable information about the Systems Transition and downplaying the associated financial risks [4]. - On May 7, 2024, the company reported first quarter results that revealed a larger-than-expected negative impact from the Systems Transition, leading to a significant stock price drop from 20.88, a decline of approximately 19.38% in one day [5]. Group 2: Legal Process and Representation - Investors in Grocery Outlet can seek to be appointed as lead plaintiffs by March 31, 2025, or remain as absent class members, with the lead plaintiff representing the interests of the class [6]. - The lead plaintiff is typically the investor or group of investors with the largest financial stake and is responsible for selecting legal counsel for the class [6].