Did you lose money on investments in National Vision Holdings? If so, please visit National Vision Holdings, Inc. Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com to discuss your rights.
NEW YORK, March 20, 2023 (GLOBE NEWSWIRE) -- Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, reminds investors of the deadline to file a lead plaintiff motion in a securities class action lawsuit that has been filed on behalf of investors who purchased or acquired the common stock of National Vision Holdings, Inc. (“National Vision” or the “Company”) (NASDAQ: EYE) between May 13, 2021 and May 9, 2022, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the Northern District of Georgia and alleges violations of the Securities Exchange Act of 1934.
National Vision is an optical retailer that provides eye exams, eyeglasses, and contact lenses to value-seeking and lower-income consumers.
Plaintiff alleges that Defendants made materially false and misleading statements throughout the Class Period. Specifically, Plaintiff alleges that Defendants 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 below pre-pandemic levels; and (v) consequently, there was a substantial undisclosed risk that National Vision would experience staff and optometrist shortages and capacity constraints.
On May 10, 2022, National Vision issued deeply disappointing financial and operational results for its first fiscal quarter of 2022. The release stated that during the quarter, on a year-over-year basis, the Company’s net revenues had decreased 1.2% to $527.7 million, its adjusted CSS had fallen 6.8%, net income had decreased 30.6% to $30.1 million, and its diluted EPS had decreased 28.2% to $0.34. The release also slashed the Company’s 2022 outlook, lowering adjusted CSS to a range of negative 7% to negative 4%, net revenue to a range of $2.01 billion to $2.07 billion, adjusted operating income to a range of $85 million to $105 million, and adjusted diluted EPS to a range of $0.65 to $0.80. Notably, the revised projections indicated that the Company was actually performing worse in terms of profits and earnings than before the pandemic. The release blamed “‘emerging constraints to exam capacity’” as a major reason for the shortfall, a fact that the Individual Defendants confirmed on the Company’s subsequent earnings call related to a lack of sufficient optometrists.
On this news, National Vision’s stock price fell $8.64 per share, or over 25%, to close at $24.93 per share on May 10, 2022.
If you wish to serve as lead plaintiff, you must move the Court no later than March 28, 2023. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased or acquired National Vision common stock, and/or would like to discuss your legal rights and options please visit National Vision Holdings, Inc. Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
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Contact Information:
Peter Allocco
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
pallocco@bernlieb.com
