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NEW YORK, Nov. 03, 2022 (GLOBE NEWSWIRE) — Bernstein Liebhard LLP announces that a securities class action has been filed on behalf of investors who have purchased or otherwise purchased: (i) FIGS, Inc. (“FIGS” or the “Company”) between May 27, 2021 and May 12, 2022 inclusive (the “Collection Period”); and/or (ii) shares of FIG pursuant to and/or traceable to the offering documents issued in connection with FIG’s initial public offering (the “IPO”). The lawsuit was filed in the United States District Court for the Central District of California alleging violations of the Securities Act of 1933 and the Securities Exchange Act of 1934.

Founded in 2013, FIG is a direct-to-consumer healthcare apparel and lifestyle brand that sells its products primarily in the United States through the company’s digital platforms. While FIGs is best known for its medical scrubs, it also offers other healthcare apparel such as lab coats, singlets, outerwear, athletic wear, loungewear, compression stockings, shoes and masks.

On June 1, 2021, FIG announced the completion of its IPO. Pursuant to the registration statement, the defendants issued 30,344,317 Class A common shares to the public, including the full exercise of the underwriter’s option to purchase an additional 3,957,954 at a price of $22 per share. The offering consisted of 4,636,364 shares sold by FIG and 25,707,953 shares sold by Tulco, LLC (“Tulco”), the Company’s largest shareholder.

All sales were issued in accordance with the registration statement. The Registration Statement contained untrue statements of material facts and failed to disclose material facts that were required and necessary under applicable law in order not to render the statements contained therein misleading. In particular, the registration…