SAN DIEGO, Sept. 13, 2024 (GLOBE NEWSWIRE) -- A class action lawsuit has been filed on behalf of purchasers or acquirers of XPEL, Inc. ( XPEL) (“XPEL” or the “Company”) securities between November 8, 2023 and May 2, 2024, inclusive (the “Class Period”), charging the Company and certain senior executives with violations of the federal securities laws (collectively, “Defendants”).
XPEL investors have until October 7, 2024 to seek appointment as lead plaintiff of the XPEL class action lawsuit.
If you purchased XPEL securities between November 8, 2023 and May 2, 2024, and suffered substantial losses, and you wish to obtain additional information or serve as lead plaintiff in this lawsuit, you may submit your information and contact us here: https://dicellolevitt.com/securities/xpel/.
You can also contact DiCello Levitt partner Brian O’Mara by calling (888) 287-9005 or at [email protected]. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice.
Case Allegations
XPEL is a global manufacturer and supplier of protective films and coatings supplies, such as automotive paint protection film, automotive window film, ceramic coatings, architectural window film products, and related tools and equipment to help install these products.
The XPEL lawsuit alleges that Defendants made materially false or misleading statements about the Company’s revenue growth and business prospects. Specifically, Defendants misled the market to believe that XPEL would increase its market share by targeting non-enthusiast car customers, which in turn would substantially increase the Company’s revenue in 2023 and 2024 while, at the same time, failing to disclose its competitors were siphoning an increasingly large segment of the market.
The truth was revealed on May 2, 2024, when XPEL announced only a 5% revenue growth year-over-year in its first quarter 2024 financial results. On the same day, during an earnings call, Defendants admitted XPEL had been losing customers in the aftermarket channel.
On this news, XPEL’s stock price dropped by $20.93, or approximately 39%, to close at $32.86 per share on May 2, 2024.
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