The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against The Estee Lauder Companies Inc. (EL)

LOS ANGELES–(BUSINESS WIRE)–The Law Offices of Frank R. Cruz reminds investors of the upcoming February 5, 2024 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who acquired The Estee Lauder Companies Inc. (“Estee Lauder” or the “Company”) (NYSE: EL) common stock between February 3, 2022 and October 31, 2023, inclusive (the “Class Period”).


If you are a shareholder who suffered a loss, click here to participate.

On November 2, 2022, Estee Lauder disclosed that it was lowering its full year financial outlook for fiscal 2023, revealing an 11% decline in net sales, which the Company attributed to Covid-19, supply chain disruptions, and inflation. On this news, Estee Lauder’s stock price fell $16.80, or 8.1%, to close at $189.96 per share on November 2, 2022, thereby injuring investors.

Then, on February 2, 2023, Estee Lauder released its second quarter 2023 financial results and once again, lowered its outlook for fiscal year 2023. On this news, Estee Lauder’s stock price fell $19.63, or 7%, to close at $261.17 per share on February 6, 2023.

Then, on May 3, 2023, Estee Lauder disclosed that it had been experiencing weaker sales and profit for the year than estimated, lowering its guidance for the third time. On this news, Estee Lauder’s stock price fell $42.52, or 17.3%, to close at $202.70 per share on May 3, 2023, thereby injuring investors further.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants misrepresented and/or failed to disclose that the Company was unable to effectively manage its supply chain and product manufacturing, resulting in reduced revenues and margins, and increased inventory levels. Defendants misled investors by providing the public with materially flawed revenue guidance for fiscal 2023.

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If you purchased or otherwise acquired Estee Lauder common stock during the Class Period, you may move the Court no later than February 5, 2024 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Century City, California 90067 at 310-914-5007, by email to [email protected], or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

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Contacts

The Law Offices of Frank R. Cruz, Los Angeles

Frank R. Cruz, 310-914-5007

[email protected]
www.frankcruzlaw.com