PR Newswire
NEW YORK, Jan. 16, 2024
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 Inc. (NYSE: FIGS)
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 [email protected]. Attorney advertising. Prior results do not guarantee similar outcomes.
Moore Law, PLLC
Fletcher Moore, Esq.
[email protected]
(212) 709-8245
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SOURCE Moore Law PLLC
