NEW YORK, Nov. 19, 2023 /PRNewswire/ — Pomerantz LLP is investigating claims on behalf of investors of Sweetgreen, Inc. (“Sweetgreen” or the “Bank”) (NYSE: SG). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether Sweetgreen and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On November 18, 2021, Sweetgreen conducted its initial public offering, selling 13 million shares of the Company’s common stock priced at $28.00 per share. Then, after the market closed on November 2, 2023, Sweetgreen announced its financial results for the third quarter of 2023. Among other things, Sweetgreen reported a revenue figure of $153.4 million, missing consensus estimates by approximately $1.25 million. Although the Company reported that its total revenue represented a 24% increase versus the prior year period, it stated that the increases were partially offset by a $1.1 million negative impact from restaurant closures and remodels that occurred subsequent to September 25, 2022, and an increase in discounts.
On this news, Sweetgreen’s stock price fell $1.34 per share, or 12.10%, to close at $9.73 per share on November 3, 2023.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, 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.
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CONTACT:
Robert S. Willoughby
Pomerantz LLP
[email protected]
888-476-6529 ext. 7980
SOURCE Pomerantz LLP
