LOS ANGELES–(BUSINESS WIRE)–Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, today announced that it has initiated an investigation on behalf of Torrid Holdings Inc. ( “Torrid” or the “Company”) (NYSE: CURV) investors regarding the Company’s possible violations of federal securities laws.
If you have suffered a loss on your Torrid investments or would like to inquire about possible claims to recover your loss under federal securities laws, you may submit your contact information at https://www.glancylaw.com /cases/torrid-holdings-inc/. You may also contact Charles H. Linehan of GPM at 310-201-9150, toll-free at 888-773-9224, or by email at [email protected] to learn more about your rights.
Torrid completed its initial public offering (“IPO”) in July 2021, selling 12.65 million shares at $21 per share.
On December 8, 2021, Torrid announced its third quarter 2021 financial results and revealed that sales were up only 14% year-over-year, compared to a reported 108% increase for the first quarter of 2021. The company also lowered its annual budget. tips. On this news, Torrid’s share price fell $4.37, or 27.9%, to close at $11.28 per share on December 9, 2021.
On January 10, 2022, Torrid issued a press release further lowering the company’s sales and earnings forecast. At this news, Torrid’s share price fell $2.50, or 23.4%, to close at $8.20 per share on January 10, 2022, further hurting investors.
Then, on March 17, 2022, Torrid released its fourth quarter 2021 financial results, revealing that sales growth had continued to slow to just 4.5% growth in the quarter, the company’s adjusted EBITDA margin falling to just 9% of net sales due to supply chain disruptions and increased transportation and product costs.
On September 7, 2022, Torrid released its second quarter 2022 financial results, revising the company’s 2022 full-year net sales guidance from a range of $1.3 billion to $1.365 billion to a range of 1. $26 billion to $1.3 billion, as well as revising its adjusted full-year guidance for 2022. EBITDA guidance ranging from a range of $195 million to $220 million to a range of $160 million dollars to $175 million.
In late September 2022, Torrid’s stock price fell to a low of $4.06 per share, more than 80% below the IPO price.
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Notice of denunciation: People with nonpublic information about Torrid should consider their options to help the investigation or take advantage of the SEC’s whistleblower program. Under this program, whistleblowers who provide original information can receive rewards of up to 30% of any successful recovery made by the SEC. For more information, call Charles H. Linehan at 310-201-9150 or 888-773-9224 or email [email protected]
Glancy Prongay & Murray LLP is a leading law firm representing investors and consumers in securities litigation and other complex class actions. ISS Securities Class Action Services has consistently ranked GPM in its annual SCAS Top 50 report. In 2018, GPM was ranked among the top five law firms for the number of securities class action settlements and among the top six law firms for the full amount of the settlements. With four offices across the country, GPM’s nearly 40 attorneys have won groundbreaking decisions and recovered billions of dollars for investors and consumers in securities, antitrust, consumer and employment class action lawsuits. GPM attorneys have handled cases covering a wide range of corporate misconduct, including cases involving financial restatements, internal control weaknesses, earnings management, fraudulent earnings advice and forward-looking statements, auditor misconduct, insider trading, violations of FDA regulations, actions resulting in FDA and DOJ investigations, and many other forms of corporate misconduct. GPM’s lawyers have worked on securities matters involving nearly every industry and sector of the capital markets, including energy, consumer discretionary, consumer staples, real estate and REITs, finance, insurance, information technology, healthcare, biotechnology, cryptocurrency, medical devices. , and much more. GPM’s past successes have been widely covered by major industry news and publications such as The Wall Street Journal, The Financial Times, Bloomberg Businessweek, Reutersthe Associated press, Barrons, Investor’s Business Daily, Forbesand Silver.
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