Lawsuit filed for Investors who lost money with shares of FIGS, Inc. (NYSE: FIGS)

An investor, who purchased shares of FIGS, Inc. (NYSE: FIGS), filed a lawsuit over alleged violations of Federal Securities Laws by FIGS, Inc. in connection with certain allegedly false and misleading statements made between May 27, 2021 and May 12, 2022, and or in connection with the company's initial public offering.

Investors who purchased shares of FIGS, Inc. (NYSE: FIGS) have certain options and for certain investors are short and strict deadlines running. Deadline: January 3, 2023. NYSE: FIGS investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

Santa Monica, CA based FIGS, Inc. operates as a direct-to-consumer healthcare apparel and lifestyle company in the United States. On June 1, 2021, FIGS, Inc announced the closing of its initial public offering ("IPO"). FIGS, Inc offered shares at $22 per share.

On May 12, 2022, the Company announced its financial results and slashed its expected sales, gross margin, and adjusted earnings before interest, taxes, depreciation, and amortization ("EBITDA") because of these "supply chain" issues. FIGS also disclosed that not only did they continue to rely on air freight during the first quarter of 2022, but that "[f]or the rest of the year, we plan to significantly increase our use of airfreight to reduce our exposure to these unpredictable transit times."

Shares of FIGS, Inc. (NYSE: FIGS) declined from $23.93 per share on April 7, 2022, to as low as $5.77 per share on November 9, 2022.

The plaintiff claims that the Registration Statement claimed that due to the Company's access to significant customer data, it was able to maintain an efficient and steady supply chain, that the truth was, however, that the Company's access to data did not allow it to mitigate supply chain problems through predictable sales, that instead, FIGS had to increasingly rely on air freight that costs materially more than the overseas shipping it was previously reliant on, that the Registration Statement blamed the COVID-19 pandemic for the use of air freight in the time leading up to the IPO, and that the truth, was, however, that FIGS was continually relying on air freight for its business. Even after the IPO, as the Company continued to rely on cost air freight, the defendants continued to claim that air freight was transitory.

Those who purchased shares of FIGS, Inc. (NYSE: FIGS) have certain options and should contact the Shareholders Foundation.

Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

This release was published on openPR.