Bronstein, Gewirtz & Grossman, LLC Notifies Torrid Holdings (CURV) Investors of Class Action and to Actively Participate
Nov 23rd, 2022 11:00 EST
NEW YORK--(BUSINESS WIRE)--Attorney Advertising--Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Torrid Holdings (“Torrid” or the “Company”) (NYSE: CURV) and certain of its officers, on behalf of all persons and entities that purchased, or otherwise acquired Torrid securities pursuant and/or traceable to the Company’s initial public offering conducted in July 2021 (the “IPO”). Such investors are encouraged to join this case by visiting the firm’s site: www.bgandg.com/curv.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws.
The Complaint alleges that Torrid’s IPO’s offering documents failed to disclose the following material facts: (1) in the first half of 2021, Torrid had experienced a temporary surge in demand as a result of changed consumer behaviors in response to the COVID-19 pandemic and government stimulus and that such ephemeral demand trends had dissipated and were not internally projected to continue following the IPO; (2) Torrid was suffering from severe supply chain disruptions caused by the emergence of the Delta variant of COVID-19, which had first emerged in May 2021; (3) Torrid was running materially below historical inventory levels as a result of supply chain disruptions; (4) as a result, Torrid did not have sufficient inventory to meet expected consumer demand for its fiscal third quarter of 2021; (5) as a result, late inventory arrival had materially impaired the Company from effectively matching consumer buying trends, creating an undisclosed risk of increased markdowns and promotional activities necessary to sell undesirable inventory; (6) Torrid’s CFO planned to retire shortly after the IPO; and (7) as a result of the above, the Registration Statement’s representations regarding Torrid’s historical financial and operational metrics and purported market opportunities did not accurately reflect the actual business, operations, financial results, and trajectory of the Company at the time of the IPO, and were materially false and misleading and lacked a reasonable factual basis.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm’s site: www.bgandg.com/curv or you may contact Peretz Bronstein, Esq. or his Law Clerk and Client Relations Manager, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Torrid you have until January 17, 2023 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC represents investors in securities fraud class actions and shareholder derivative suits. The firm has recovered hundreds of millions of dollars for investors nationwide. Attorney advertising. Prior results do not guarantee similar outcomes.