Robbins LLP is Investigating Whether The Estee Lauder Companies, Inc. (EL) Misled Investors Regarding Market Demand
On December 7, 2023, a shareholder filed a class action on behalf of all persons and entities that purchased or otherwise acquired The Estee Lauder Companies, Inc. (NYSE: EL) securities between August 18, 2022 and May 2, 2023. Estee Lauder manufactures, markets, and sells skin care, makeup, fragrance, and hair care.
According to the complaint, during the class period, defendants misled investors with unrealistic and materially false statements about market demand and its inventory levels. However, the truth was revealed on May 3, 2023, when Estee Lauder issued a press release announcing weaker sales and profit for the year than estimated and cut its fiscal year outlook for the third consecutive time. As a result, the price of Estee Lauder stock declined from $245.22 per share on May 2, 2023 to $202.70 per share on May 3, 2023.
What Now: If you own shares of The Estee Lauder Companies, Inc. you may be eligible to participate a shareholder derivative action to hold the corporate executives of the Company accountable for their wrongdoing.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
