The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Leslie's, Inc. (LESL) Investors

The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Leslie's, Inc. (“Leslie's” or the “Company”) (NASDAQ: LESL) common stock between February 5, 2021 and July 13, 2023, inclusive (the “Class Period”). Leslie's investors have until November 7, 2023, to file a lead plaintiff motion.

If you are a shareholder who suffered a loss, click here to participate.

On July 13, 2023, Leslie’s released its preliminary financial results for the third quarter of 2023 and disclosed a sales decline of 12%. The Company claimed that “customer surveys conducted towards the end of the quarter also indicated increased price sensitivity and that consumers entered the pool season with a greater than normal amount of chemicals leftover from last year.” Leslie’s also announced that its Chief Financial Officer was stepping down.

On this news, the Company’s stock price fell $2.82, or 29.6%, to close at $6.70 per share on July 14, 2023, thereby injuring investors.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) the Company’s growth was caused by customers over purchasing products to stockpile in case of a chemical shortage; (2) such sales inflated revenues and earnings and were not indicative of durable and sustainable demand or financial growth; (3) the Company took advantage of chemical shortages by urging customers to stock up on the products because Leslie’s could not “guarantee availability” of chemicals in the future; and (4) any slowdown in sales was not a normalization of past seasonality, but was due to the prior excess stockpiling; and (5) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

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If you purchased Leslie’s common stock during the Class Period, you may move the Court no later than November 7, 2023 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you purchased Leslie’s common stock, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

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The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Leslie’s, Inc. (LESL) Investors