SAN DIEGO–(BUSINESS WIRE)–Robbins Geller Rudman & Dowd LLP today announced that it filed a class action seeking to represent purchasers of National Vision Holdings, Inc. (NASDAQ: EYE) common stock during the period between May 13, 2021 and May 9, 2022, inclusive (the “Class Period”). The National Vision class action lawsuit was filed in the Northern District of Georgia and is captioned City of Southfield General Employees’ Retirement System v. National Vision Holdings, Inc. The National Vision class action lawsuit charges National Vision and certain of its top executives with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the National Vision class action lawsuit, please provide your information here:
https://www.rgrdlaw.com/cases-national-vision-holdings-inc-class-action-lawsuit-eye.html
You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at jsanchez@rgrdlaw.com. Lead plaintiff motions for the National Vision class action lawsuit must be filed with the court no later than March 28, 2023.
CASE ALLEGATIONS: National Vision is an optical retailer that provides eye exams, eyeglasses, and contact lenses to value-seeking and lower-income consumers. One of the most important components of National Vision’s operations and prospects is National Vision’s ability to recruit and retain specialized staff and healthcare providers, in particular optometrists.
But as the National Vision class action lawsuit alleges, unbeknownst to investors, defendants throughout the Class Period failed to disclose that: (i) National Vision was experiencing extraordinary wage and labor pressures as a result of intense competition and disruptions in the labor market due to the COVID-19 pandemic; (ii) National Vision had made a significant multi-million dollar investment in wage and compensation payments to its vision care professionals to prevent mass defections in the middle of 2021; (iii) the enhanced payouts were expected to negatively impact National Vision’s fourth quarter 2021 costs and profit margins to an extent materially greater than what had been disclosed to investors; (iv) as a result, National Vision’s profitability metrics were expected to deteriorate below not only favorable 2020 results, but also pre-pandemic levels; and (v) consequently, there was a substantial undisclosed risk that National Vision would experience staff and optometrist shortages and capacity constraints. The National Vision class action lawsuit further alleges that defendants failed to disclose that: (i) National Vision had suffered a severe optometrist shortage in the first quarter of 2022; (ii) the lack of sufficient optometrists to meet customer demand had created an acute exam capacity constraint; (iii) as a result, National Vision was suffering from a decline in net revenue and adjusted comparable store sales during the first quarter of 2022; and (iv) thus, National Vision’s 2022 financial outlook was materially false and misleading and lacked a reasonable factual basis.
The plaintiff is represented by Robbins Geller. You can view a copy of the complaint by clicking here.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased National Vision common stock during the Class Period to seek appointment as lead plaintiff in the National Vision class action lawsuit. A lead plaintiff is generally the movant with the greatest financials interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the National Vision class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the National Vision class action lawsuit. An investor’s ability to share in any potential future recovery of the National Vision class action lawsuit is not dependent upon serving as lead plaintiff.
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Contacts
Robbins Geller Rudman & Dowd LLP
655 W. Broadway, Suite 1900, San Diego, CA 92101
J.C. Sanchez, 800-449-4900
jsanchez@rgrdlaw.com