Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against Crocs, Inc. (CROX)

/EIN News/ -- NEW YORK, Jan. 24, 2025 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the District of Delaware on behalf of all persons or entities who purchased or otherwise acquired Crocs, Inc. (“Crocs” or the “Company”) (NASDAQ: CROX) securities between November 3, 2022 and October 28, 2024, inclusive (the “Class Period”).

The Complaint 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 and operations. Specifically the Complaint alleges that Defendants misrepresented and/or failed to disclose: (1) the nature and sustainability of HEYDUDE’s revenue growth by concealing that 2022 revenue growth was driven, in large part, by the Company’s efforts to stock third-party wholesalers and retailers following the February 2022 acquisition of HEYDUDE; (2) that as the Company’s retail partners began to destock this excess inventory, waning product demand further negatively impacted the Company’s financial results; and (3) that, as a result, Defendants’ representations about the Company’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis.

According to the Complaint, as a result of Defendants’ wrongful acts and omissions, and the significant decline in the market value of the Company’s common stock pursuant to the revelation of the fraud, Plaintiff and other members of the Class have suffered significant damages.

Investors who purchased or otherwise acquired shares of Crocs should contact the Firm prior to the March 24, 2025 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.

Please visit our website at http://www.gme-law.com for more information about the firm.