NEW YORK, NY / ACCESSWIRE / November 25, 2022 / Pomerantz LLP is investigating claims on behalf of investors of Torrid Holdings, Inc. ("Torrid" or the "Company") (NYSE:CURV). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Torrid and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On or around July 1, 2021, Torrid conducted its initial public offering ("IPO"), offering 12.65 million shares at a price of $21 per share (the "IPO Price"). Then, on September 7, 2022, Torrid issued a release announcing the Company's financial results for its second fiscal quarter ended July 30, 2022. The release revised downward Torrid's annual 2022 net sales guidance from a range of $1.3 billion to $1.365 billion to a range of $1.26 billion to $1.3 billion, which would be essentially flat year-over-year, and revised downward Torrid's annual 2022 adjusted EBITDA guidance from a range of $195 million to $220 million to a range of $160 million to $175 million, which would be significantly worse than Torrid's fiscal 2021 adjusted EBITDA of $246 million.
By the end of September 2022, the price of Torrid stock fell to a low of just $4.06 per share, over 80% below the IPO Price.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
SOURCE: Pomerantz LLP