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Vestis Corporation

Company NameVestis Corporation
Stock SymbolVSTS
Class PeriodOctober 02, 2023 to May 01, 2024
Lead Plaintiff Motion DeadlineJuly 16, 2024

On May 2, 2024, Vestis released its second quarter FY2024 financial results, falling below expectations and revising its 2024 outlook, reporting that it “now expect[ed] to deliver fiscal 2024 revenue growth in the range of [negative] (1)% to 0%.” The Company blamed “challenges . . . related to sales productivity and deliberate moderated pricing actions” for the disappointing results.

On this news, Vestis’s stock price fell $8.31, or 45%, to close at $10.16 per share on May 2, 2024, thereby injuring investors.

The complaint alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Aramark had historically underinvested in the business that became Vestis; (2) Vestis operated with outdated facilities and an underperforming sales force; (3) Vestis's outdated facilities and underperforming sales force led to "service gaps" that had impeded the Company's levers of growth and had resulted in customer attrition; and (4) as a result of the foregoing, Defendants’ public statements were materially false and misleading at all relevant times.

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