NEW YORK, July 2, 2024 /PRNewswire/ — Pomerantz LLP is investigating claims on behalf of investors of Destination XL Group, Inc. (“Destination XL” or the “Company”) (NASDAQ: DXLG). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.
The investigation concerns whether Destination XL and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On May 30, 2024, Destination XL issued a press release “report[ing] operating results for the first quarter of fiscal 2024, and updated sales and earnings guidance for the fiscal year.” Among other items, Destination XL reported revenue of $115.5 million, representing a 7.9% year-over-year decline and missing consensus estimates by $2.4 million. Destination XL also stated that “[b]ased on our current sales trends, we are guiding to the low-end of our previous sales guidance, which is $500 million vs. $515.05M consensus (prior $500.0 – $530.0 million), with a mid-single digit decrease in comparable sales.”
On this news, Destination XL’s stock price fell $0.27 per share, or 7.56%, to close at $3.30 per share on May 30, 2024.
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 billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
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CONTACT:
Danielle Peyton
Pomerantz LLP
[email protected]
646-581-9980 ext. 7980
SOURCE Pomerantz LLP
