NEW
YORK, Jan. 16, 2024 /PRNewswire/ -- Moore Kuehn,
PLLC, a securities and shareholder law firm located on Wall Street,
is investigating potential claims against:
FIGS is an American healthcare apparel brand based out of
Santa Monica, California. The
Company is known primarily for their medical scrubs, but they also
sell other healthcare apparel such as lab coats, activewear,
footwear, and masks.
On June 1, 2021, FIGS announced
the closing of its IPO. Pursuant to the Registration Statement, the
Company offered its stock at $22 per
share. The investigation concerns allegations that the Registration
Statement contained false and/or misleading statements and/or
failed to disclose that: (i) the Company inflated its true ability
to successfully secure repeat customers; (ii) failed to disclose
the Company's heavy dependence on air freight; and (iii) inflated
the expected net revenues, gross margin, and adjusted EBITDA margin
for 2022.
Since its IPO, the company's inventories ballooned from 164
average days inventory outstanding as of fiscal 2020 up to 350 days
inventory outstanding as of fourth quarter 2022," the investor
said. "Figs' average days of inventory outstanding increased almost
every quarter since its IPO and reached a peak of 365 days for
third quarter 2022.
The investigation also concerns possible insider trading by
certain officers and/or directors. At least four insiders, sold
nearly $1 billion worth of Figs
shares during the IPO that closed in 2021 at inflated prices while
the public had yet to become aware of material information
affecting the valuation of Figs stock.
If you own Figs stock, please contact Fletcher Moore,
Esq. at fletcher@fmoorelaw.com. Attorney
advertising. Prior results do not guarantee similar outcomes.
Moore Law, PLLC
Fletcher Moore, Esq.
fletcher@fmoorelaw.com
(212) 709-8245
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SOURCE Moore Law PLLC