NEW YORK, December 2, 2022
NEW YORK, December 2, 2022 /PRNewswire/ — Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Torrid Holdings Inc. (“Torrid” or the “Company”) (NYSE: CURV) and is reminding investors January 16, 2023 Deadline to seek the role of lead plaintiff in a state securities class action lawsuit filed against the company.
If you have suffered losses that exceed these $100,000 Investments in Torrid Common Stock pursuant to and/or traceable to the registration statement and prospectus (collectively, the “Registration Statement”) issued in connection with the Company July 2021 Initial Public Offering (the “IPO”) and discuss your legal rights, call Faruqi & Faruqi Partner Josh Wilson direct at 877-247-4292 or 212-983-9330 (extension 1310). You can also click here for more information: www.faruqilaw.com/CURV.
There are no costs or obligations for you.
Faruqi & Faruqi is a leading national minority and women-owned securities firm with offices in new York, Pennsylvania, California and Georgia.
As detailed below, the lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failure to disclose the following: (1) Torrid had during the first half of the year experienced a temporary spike in demand in 2021 due to changing consumer behavior in response to the COVID-19 pandemic and government stimulus and that such short-lived demand trends had dissipated and were not internally forecast to continue after the IPO; (2) Torrid suffered severe supply chain disruptions caused by the emergence of the Delta variant of COVID-19, which emerged first May 2021; (3) Torrid ran significantly below historical inventory levels due to supply chain disruptions; (4) as a result, Torrid did not have sufficient inventory to meet anticipated consumer demand for the third quarter of fiscal 2021; (5) As a result, the late arrival of inventory had significantly hampered the company from effectively meeting consumer buying trends, creating an undisclosed risk of increased discounts and promotions needed to sell unwanted inventory; (6) Torrid’s CFO planned to retire shortly after the IPO; and (7) as a result of the foregoing, the registration statement’s representations regarding Torrid’s historical financial and operating figures and alleged market opportunities did not accurately reflect, and were material to, the Company’s actual business, operations, financial results and development at the time of the IPO false and misleading and lacked a reasonable factual basis.
Until the end Sep 2022Torrid stock had fallen to a low of just under $4.06 per share over 80% below the IPO price.
The court-appointed lead plaintiff is the investor with the greatest financial interest in the remedy sought by the class, who is reasonable and representative of the members of the class, and directs and oversees the litigation on behalf of the alleged class. Each member of the putative class may request the court to serve as lead plaintiff through counsel of their choice, or they may choose to do nothing and remain an absent member of the class. Your ability to participate in a recovery will not be affected by the decision whether or not to serve as Lead Plaintiff.
Faruqi & Faruqi, LLP also encourages anyone with information about Torrid’s conduct to contact the company, including whistleblowers, former employees, shareholders and others.
lawyer advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Past results do not guarantee or predict a similar outcome with respect to future matters. We welcome the opportunity to discuss your specific case. All communications will be treated confidentially.
To download multimedia, view the original content: https://www.prnewswire.com/news-releases/securities-litigation-partner-james-josh-wilson-encourages-investors-who-suffered-losses-exceeding-100 -000-in-hot-to-contact-him-directly-to-discuss-your-options-301691938.html
SOURCE Faruqi & Faruqi, LLP