According to the lawsuit, throughout the Class Period, Defendants made materially false and/or misleading statements and/or failed to disclose that: (1) 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; (2) 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; (3) 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; (4) as a result, National Vision’s profitability metrics were expected to deteriorate below not only favorable 2020 results, but also pre-pandemic levels; (5) consequently, that the Company’s recruitment and retention efforts had not been successful and there was a substantial undisclosed risk that National Vision would experience staff and optometrist shortages and capacity constraints.
The Complaint further alleges that defendants failed to disclose that: (1) National Vision had suffered a severe optometrist shortage in the first quarter of 2022; (2) the lack of sufficient optometrists to meet customer demand had created an acute exam capacity constraint; (3) as a result, National Vision was suffering from a decline in net revenue and adjusted comparable store sales during the first quarter of 2022; and (4) thus, National Vision’s 2022 financial outlook was materially false and misleading and lacked a reasonable factual basis.
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. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.
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