Grocery Outlet(GO) Prnewswire·2025-02-21 10:45Core Viewpoint - A class action securities lawsuit has been filed against Grocery Outlet Holding Corp. due to alleged securities fraud affecting investors between November 7, 2023, and May 7, 2024 [1] Group 1: Lawsuit Details - The lawsuit aims to recover losses for Grocery Outlet investors who were negatively impacted by the company's financial disclosures and guidance revisions [1] - On May 7, 2024, Grocery Outlet reported first-quarter fiscal 2024 results that were significantly below expectations and lowered its guidance for the second quarter and the full fiscal year 2024 [2] - The company cited "unforeseen systems transition costs" and "residual expense from our commission support program" as reasons for the disappointing results and guidance [2] - Following the announcement, Grocery Outlet's stock price dropped to $20.88 per share on May 8, 2024, marking a decline of approximately 19.38% in one day [2] Group 2: Next Steps for Investors - Investors who suffered losses during the specified timeframe have until March 31, 2025, to request appointment as lead plaintiff in the lawsuit [3] - Participation in the lawsuit does not require serving as a lead plaintiff, and class members may be entitled to compensation without any out-of-pocket costs [3] Group 3: Firm Background - Levi & Korsinsky, LLP has a history of securing hundreds of millions of dollars for shareholders and is recognized as one of the top securities litigation firms in the United States [4] - The firm has over 20 years of experience in complex securities litigation and a team of more than 70 employees dedicated to serving clients [4]