NEW ORLEANS, Nov. 08, 2022 (GLOBE NEWSWIRE) — ClaimsFiler, a FREE shareholder information service, is reminding investors that they have until January 3, 2023 Lead plaintiff motions in a securities class action lawsuit against FIGURES, Inc. (NYSE: FIGURES) if they acquired the Company’s securities between May 27, 2021 and May 12, 2022 inclusive (the “Collection Period”) and/or Shares pursuant to the Company’s initial public offering in June 2021 (the “IPO”). This lawsuit is pending in the United States District Court for the Central District of California.

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FIG investors should visit us at https://claimsfiler.com/cases/nyse-figs/ or call toll free (844) 367-9658. Kahn Swick & Foti, LLC attorneys are available to discuss your legal options.

About the lawsuit

FIG and certain of its officers are alleged to have failed to disclose material information during the Class Period and/or in the registration statement and prospectus issued in connection with the IPO, in violation of federal securities laws.

On May 12, 2022, the Company reported disappointing first quarter 2022 financial results and full year 2022 outlook and provided decreases in expected 2022 net income, adjusted gross EBITDA margin and expected gross margin due to a “significant increase in air consumption Company’s “Announced Cargo to Mitigate Supply Chain Challenges” and that “[f]For the remainder of the year, we plan to significantly increase our use of air freight to reduce our exposure to these unpredictable transit times,” despite the company’s previous assurances of its ability to maintain an efficient and resilient supply chain.

Following this news, the price of FIG shares plunged about 25% to close at $9.64 per share.

The case is ryan v Feigen, Inc., et al., No. 22-cv-7939.

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