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Case Status:    DISMISSED    
On or around 05/27/2015 (Notice of voluntarily dismissal)

Filing Date: January 09, 2015

According to the law firm press release, Five Below is a specialty discount retailer targeted at teens and pre-teens that prices all of its clothing and accessories at $5 or below.

The complaint alleges that during the Class Period, the defendants made false and misleading statements or failed to disclose adverse information about Five Below’s business and prospects. Specifically, the complaint alleges that while actively concealing from investors that the Company’s two founders intended to step down from their roles as Chief Executive Officer (“CEO”) and Chairman and name as CEO their newly hired President – who was relatively new to Five Below and totally untested in the role of CEO at a publicly traded company – Five Below raised its fiscal 2014 sales and earnings guidance twice, once at the start of the Class Period on June 5, 2014 and then again on September 10, 2014. With the price of Five Below common stock increasing on their misrepresentations about the Company’s business metrics and financial prospects, reaching a Class Period high of nearly $48 in intraday trading, both of the Company’s founders and its Chief Financial Officer cashed in, selling almost $30 million worth of their personally held shares at fraud-inflated prices.

On December 4, 2014, Five Below disclosed that its sales growth had diminished and that it was reducing its annual sales and profit forecasts. That same day, the Company’s two founders also announced their resignations as CEO and Chairman of Five Below – disclosing that the newly hired President was taking over as CEO. On this news, the price of Five Below stock fell, closing down 21% from its Class Period high.

On May 27, 2015, the Lead Plaintiff voluntarily dismissed this action.


Sector: Services
Industry: Retail (Specialty)
Headquarters: United States


Ticker Symbol: FIVE
Company Market: NASDAQ
Market Status: Public (Listed)

About the Company & Securities Data

"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: E.D. Pennsylvania
DOCKET #: 15-CV-00094
JUDGE: Hon. L. Felipe Restrepo
DATE FILED: 01/09/2015
CLASS PERIOD END: 12/04/2014
  1. Johnson & Weaver, LLP
  2. Law Offices of Bernard M. Gross (Philadelphia)
  3. Robbins Geller Rudman & Dowd LLP (Melville)
No Document Title Filing Date
—Reference Complaint Complaint Related Data is not available
—Related District Court Filings Data is not available