PR Newswire
NEW YORK, Nov. 8, 2024
Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $100,000 In Domino's To Contact Him Directly To Discuss Their Options
If you suffered losses exceeding $100,000 in Domino's between December 7, 2023 and July 17, 2024and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
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NEW YORK, Nov. 8, 2024 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Domino's Pizza, Inc. ("Domino's" or the "Company") (NYSE: DPZ) and reminds investors of the November 19, 2024 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.
As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) DPE, the Company's largest master franchisee, was experiencing significant challenges with respect to both new store openings and closures of existing stores; (2) as a result, Domino's was unlikely to meet its own previously issued long-term guidance for annual global net store growth; (3) accordingly, Domino's business and/or financial prospects were overstated; and (4) as a result, the Company's public statements were materially false and misleading at all relevant times.
On July 18, 2024, Domino's issued a press release announcing its Q2 2024 financial results. Among other items, Domino's disclosed that it "expects it will fall 175 to 275 stores below its 2024 goal of 925+ net stores in international primarily as a result of challenges in both openings and closures being faced by Domino's Pizza Enterprises ('DPE'), one of its master franchisees." Accordingly, "[t]he Company is temporarily suspending its guidance metric of 1,100+ global net stores until the full effect of DPE's store opens and closures on international net store growth are known." On an earnings call held that same day to discuss the Company's Q2 2024 results (the "Q2 2024 Earnings Call"), the Company's Chief Financial Officer Defendant Sandeep Reddy further revealed that the long-term guidance announced at the 2023 Investor Day did not accurately reflect the extent of DPE's challenges with respect to new store openings and closures of existing stores.
On this news, Domino's stock price fell $64.23 per share, or 13.57%, to close at $409.04 per share on July 18, 2024.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Dominos' conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
To learn more about the Domino's Pizza class action, go to www.faruqilaw.com/DPZ or call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).
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SOURCE Faruqi & Faruqi, LLP
