The Law Offices of Frank R. Cruz reminds investors of the upcoming May 5, 2025 deadline to participate as a lead plaintiff in the securities fraud class action lawsuit filed on behalf of investors who acquired e.l.f. Beauty, Inc. (“Elf” or the “Company”) (NYSE: ELF) securities between May 25, 2023 and February 6, 2025, inclusive (the “Class Period”).
IF YOU ARE AN INVESTOR WHO LOST MONEY ON E.L.F. BEAUTY, INC. (ELF), CLICK HERE TO PARTICIPATE IN THE SECURITIES FRAUD LAWSUIT.
What Happened?
On November 20, 2024, Muddy Waters Research published a report alleging, among other things, that Elf had “materially overstated revenue over the past three quarters,” and that, in the second quarter of 2024, the Company “began reporting inflated revenue and profits” as well as inventory “to account for cash that has not really come in.”
On this news, Elf’s stock price fell $2.71, or 2.2%, to close at $119.00 per share on November 20, 2024, thereby injuring investors.
What Is The Lawsuit About?
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 failed to disclose to investors that: (1) contrary to its representations to investors, the Company was experiencing rising inventory levels as a consequence of flagging sales; (2) Elf falsely attributed the rising inventory levels to, among other things, changes in its sourcing practices; (3) to maintain investor confidence, Elf reported inflated revenue, profits, and inventory over several quarters; (4) accordingly, the Company’s business and/or financial prospects were overstated; (5) all of the foregoing, once revealed, would likely have a material negative impact on the Company; and (6) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
If you purchased or otherwise acquired Elf securities between May 25, 2023 and February 6, 2025, the deadline to seek appointment as the lead plaintiff in the securities fraud class action is May 5, 2025.
Contact Us To Participate or Learn More:
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 us:
Frank R. Cruz
The Law Offices of Frank R. Cruz
2121 Avenue of the Stars, Suite 800
Century City, California 90067
Email us at: info@frankcruzlaw.com
Call us at: 310-914-5007
Visit our website at www.frankcruzlaw.com
Follow us for updates on Twitter: twitter.com/FRC_LAW
If you inquire by email, please include your mailing address, telephone number, and number of shares purchased.
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. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250502321896/en/
Contacts
The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz, 310-914-5007
fcruz@frankcruzlaw.com
www.frankcruzlaw.com