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2d ago

Law Firms Seek Lead Plaintiffs in Petco Securities Class Action Before August 29 Deadline

Two plaintiff firms have launched notices to recruit investors affected by Petco’s June 5 quarterly sales miss that triggered a steep stock sell-off

Petco deadline notice: rosen, leading trial attorneys, encourages petco health and wellness company, inc. investors with losses in excess of $100k to secure counsel before important august 29...

Overview

  • The lawsuit alleges Petco and its executives overstated the sustainability of pandemic-driven demand and the strength of its premium-focused strategy, misleading investors about the company’s growth prospects.
  • Petco’s June 5 release showed first-quarter net sales of $1.5 billion, a 2.3 percent year-over-year decline that led to a roughly 23 percent drop in its share price on June 6.
  • No class has been certified and investors who wish to steer the litigation must file motions to serve as lead plaintiff by August 29.
  • Faruqi & Faruqi is targeting investors with losses exceeding $75,000 while Rosen Law Firm is offering contingency fee representation for class members.
  • Both firms’ notices outline case allegations and potential recoveries, but any compensation will depend on court appointments and the ultimately proven merits of the lawsuit.