Robbins LLP Investigates FIGS, Inc. (FIGS) on Behalf of Shareholders
Robbins LLP is investigating the officers and directors of FIGS, Inc. (NYSE: FIGS) to determine whether they breached fiduciary duties to shareholders and violated securities laws. FIGS operates as a direct-to-consumer healthcare apparel and lifestyle company in the United States.
FIGS held its initial public offering (“IPO”) in May 2021, selling shares at $22.00. The stock now trades around $9.00, representing a massive drop since the IPO. Recently, the company lowered its 2022 guidance as follows:
• Net revenue down to $510-$530M from the original projection of $550-$560M.
• Gross margin down to between 67% – 68% compared to the previous outlook of 70%+
• Adjusted EBITDA margin down to between 16% – 18% compared to the previous outlook of 20%+
Company executives say this reflects supply chain challenges and broader macroeconomic factors including high inflation and consumer spending patterns.
Interestingly, the co-CEOs of FIGS have sold off a ton of their stock since the Company’s IPO and parlayed it into very expensive real estate.
Next Steps: FIGS, Inc. (FIGS) shareholders have legal options. If you own shares of FIGS, Inc. contact us for more information about your rights.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.