Lost your investment in National Vision Holdings? If so, see the National Vision Holdings, Inc. shareholder class action lawsuit or contact us. Peter Arrocco (212) 951-2030 Or contact pallocco@bernlieb.com to discuss your rights.
NEW YORK, Feb. 02, 2023 (GLOBE NEWSWIRE) — Bernstein Liebhard LLP has been sued in a securities class action lawsuit on behalf of investors who purchased or acquired common stock of National Vision Holdings, Inc. (“National Vision”). announced thator “we”) (NASDAQ: EYE) May 13, 2021 and May 9, 2022, inclusive (“class duration”). The lawsuit, filed in the United States District Court for the Northern District of Georgia, alleges violations of the Securities Exchange Act of 1934.
National Vision is an optician that provides value-seeking, low-income consumers with eye exams, glasses, and contact lenses.
Plaintiff alleges that defendant made materially false and misleading statements throughout the class. Specifically, Plaintiff alleges that Defendant failed to disclose: (ii) National Vision had invested heavily in millions of dollars in wage and compensation payments to eye care professionals to prevent mass turnover in mid-2021; (iii) the increased payment was expected to have a significantly greater negative impact on National Vision’s fourth quarter 2021 costs and margins than disclosed to investors; (iv) As a result, National Vision’s profitability metrics were expected to deteriorate from pre-pandemic levels as well as a positive result in 2020. (v) As a result, there was considerable undisclosed risk that National Vision would experience staff and optometrist shortages and capacity constraints.
On May 10, 2022, National Vision announced highly disappointing financial and operational results for the first quarter of 2022. The release said the company’s net revenue fell 1.2% to $527.7 on a year-over-year basis during the quarter. Adjusted CSS decreased 6.8%, net income decreased 30.6% to $30.1 million and diluted EPS decreased 28.2% to $0.34. The release also significantly lowered the company’s 2022 guidance, lowering adjusted CSS to a range of -7% to -4% and net revenues to a range of $2.01 billion to $2.07 billion. reduced adjusted operating income to a range of $85 million to $105 million. Adjusted diluted EPS to range from $0.65 to $0.80.Notably, the revised forecast showed the company was actually performing. bad In terms of profit and revenue than before the pandemic. The release blamed “‘new constraints on testing capacity'” as the primary reason for the shortage, with individual defendants blaming the company’s subsequent earnings related to the shortage of enough optometrists. Confirmed in the report.
The news sent National Vision’s stock price down $8.64 per share, or more than 25%, to close at $24.93 per share on May 10, 2022.
If you want to act as the lead plaintiff, you must submit to the court at the latest. March 28, 2023A principal plaintiff is a representative party acting on behalf of other class members in directing a litigation. Your ability to share in recovery does not require you to be the primary plaintiff. If you choose not to act, you may remain an absent class member.
if you If you purchased or acquired National Vision common stock and/or wish to discuss your legal rights and options Please see the National Vision Holdings, Inc. Shareholder Class Action or contact us. peter allocco (212) 951-2030 or pallocco@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has collected over $3.5 billion for clients. In addition to representing private investors, the firm is hired to monitor the assets of, and bring litigation on behalf of, the nation’s largest public and private pension funds. After successfully filing hundreds of lawsuits and class actions, she has been named to The National Law Journal’s ‘Plaintiffs’ Hot List’ 13 times and has been featured on The Legal 500 for 10 consecutive years.
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contact address:
peter allocco
Bernstein Liebhardt LLP
https://www.bernlieb.com
(212) 951-2030
pallocco@bernlieb.com
