According to the Complaint, National Vision Holdings, Inc. is an optical retailer that provides eye exams, eyeglasses, and contact lenses to value-seeking and lower-income consumers.

The Complaint alleges 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.

On May 19, 2023, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on June 30. Defendants filed a Motion to Dismiss the amended Complaint on August 21.

On March 30, 2024, the Court issued an Order granting Defendants' Motion to Dismiss and directing the Clerk of Court to close the case.