Fox Factory Holding Corp.
| Company Name | Fox Factory Holding Corp. |
| Stock Symbol | FOXF |
| Class Period | May 06, 2021 to November 02, 2023 |
| Lead Plaintiff Motion Deadline | April 22, 2024 |
On November 2, 2023, Fox Factory revealed that its third quarter 2023 net sales had decreased 19.1% year-over-year due to “higher levels of inventory across various channels.” Additionally, the Company significantly lowered its full year sales guidance due to continued inventory destocking.
On this news, Fox Factory’s stock price fell $22.60, or 27.2%, to close at $60.53 per share on November 3, 2023, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants: (1) concealed a deterioration in Fox Factory’s business, in particular, increased inventories that were impacting demand; and (2) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
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