NEW
YORK, Jan. 6, 2023 /PRNewswire/ -- Jakubowitz
Law announces that a securities fraud class action lawsuit has
commenced on behalf of shareholders of Torrid Holdings Inc. (NYSE:
CURV).
To receive updates on the lawsuit, fill out the
form:
https://claimyourloss.com/securities/torrid-holdings-inc-loss-submission-form/?id=35352&from=4
This lawsuit is on behalf of all persons who purchased Torrid
common stock in or traceable to the Company's July 2021 initial public offering.
Shareholders interested in acting as a lead plaintiff
representing the class of wronged shareholders have until
January 17, 2023 to petition
the court. Your ability to share in any recovery doesn't require
that you serve as a lead plaintiff.
According to a filed complaint, Torrid Holdings Inc. issued
materially false and/or misleading statements and/or failed to
disclose that: (i) in the first half of 2021, Torrid had
experienced a temporary surge in demand as a result of changed
consumer behaviors in response to the COVID-19 pandemic and
government stimulus and that such ephemeral demand trends had
dissipated and were not internally projected to continue following
the initial public offering ("IPO"); (ii) Torrid was suffering from
severe supply chain disruptions caused by the emergence of the
Delta variant of COVID-19, which had first emerged in May 2021; (iii) Torrid was running materially
below historical inventory levels as a result of supply chain
disruptions; (iv) as a result, Torrid did not have sufficient
inventory to meet expected consumer demand for its fiscal third
quarter of 2021; (v) as a result, late inventory arrival had
materially impaired the Company from effectively matching consumer
buying trends, creating an undisclosed risk of increased markdowns
and promotional activities necessary to sell undesirable inventory;
(vi) Torrid's Chief Financial Office planned to retire shortly
after the IPO; and (vii) as a result of the above, representations
made in the Company's registration statement regarding Torrid's
historical financial and operational metrics and purported market
opportunities did not accurately reflect the actual business,
operations, financial results, and trajectory of the Company at the
time of the IPO, and were materially false and misleading and
lacked a reasonable factual basis.
Jakubowitz Law is vigorous in pursuit of justice for
shareholders who have been the victim of securities fraud. Attorney
advertising. Prior results do not guarantee similar outcomes.
CONTACT:
JAKUBOWITZ LAW
1140 Avenue of the Americas
9th Floor
New York, New York 10036
T: (212) 867-4490
F: (212) 537-5887
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SOURCE Jakubowitz Law