According to the lawsuit, during the Class Period, defendants made false and/or misleading statements and/or failed to disclose that:
- contrary to its representations to investors, Elf was experiencing rising inventory levels as a consequence of flagging sales;
- Elf falsely attributed the rising inventory levels to, among other things, changes in its sourcing practices;
- to maintain investor confidence, Elf reported inflated revenue, profits, and inventory over several quarters;
- accordingly, Elf’s business and/or financial prospects were overstated;
- all of the foregoing, once revealed, would likely have a material negative impact on Elf; and
- as a result, Elf’s public statements were materially false and misleading at all relevant times.
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.
Attorney Advertising. Prior results do not guarantee a similar outcome.
