Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until May 5, 2025 to file lead plaintiff applications in a securities class action lawsuit against e.l.f. Beauty, Inc. (“ELF” or the “Company”) (NYSE: ELF), if they purchased the Company’s securities between November 1, 2023 and November 19, 2024, inclusive (the “Class Period”). This action is pending in the United States District Court for the Northern District of California.
What You May Do
If you purchased securities of ELF and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (lewis.kahn@ksfcounsel.com), or visit https://www.ksfcounsel.com/cases/nyse-elf/ to learn more. If you wish to serve as a lead plaintiff in this class action, you must petition the Court by May 5, 2025.
About the Lawsuit
ELF and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On November 20, 2024, Muddy Waters Research reported that the Company had materially overstated revenue over the past three quarters; that in Q2 FY24, it realized its growth narrative was in trouble as its inventory built; that it then began reporting inflated revenue and profits resulting in its reported inventory also appearing materially inflated; and that the Company concealed its inventory challenges from investors by falsely attributing its rising inventory levels to supposed changes in its sourcing practices rather than the true cause insufficient sales.
On this news, the price of ELF’s shares fell $2.71 per share, or 2.23%, to close at $119.00 per share on November 20, 2024.
On February 6, 2025, the Company released its fiscal Q3 2025 results and provided fiscal 2025 outlook that confirmed the weaknesses identified in the report previously issued by Muddy Waters, including softer consumption trends and slower new product launches. On this news, Elf’s stock price fell $17.36 per share, or 19.62%, to close at $71.13 per share on February 7, 2025.
The case is Rottman v. e.l.f. Beauty, Inc., et al., No. 25-cv-2316.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation's premier boutique securities litigation law firms. This past year, KSF was ranked by SCAS among the top 10 firms nationally based upon total settlement value. KSF serves a variety of clients, including public and private institutional investors, and retail investors - in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, Delaware, California, Louisiana, Chicago, New Jersey, and a representative office in Luxembourg.
To learn more about KSF, you may visit www.ksfcounsel.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250307294559/en/
Contacts
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
lewis.kahn@ksfcounsel.com
1-877-515-1850
1100 Poydras St., Suite 960
New Orleans, LA 70163
