Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against Domino’s Pizza, Inc. (DPZ)
NEW YORK, Sept. 24, 2024 (GLOBE NEWSWIRE) — Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the Eastern District of Michigan on behalf of all persons or entities who purchased or otherwise acquired Domino’s Pizza, Inc. (“Domino’s” or the “Company”) (NYSE: DPZ) securities between December 7, 2023 and July 17, 2024, inclusive (the “Class Period”). The lawsuit seeks to recover damages for the Company’s investors under the federal securities laws.
The Complaint alleges that Defendants failed to disclose that: (i) DPE, the Company’s largest master franchisee, was experiencing significant challenges with respect to both new store openings and closures of existing stores; (ii) as a result, Domino’s was unlikely to meet its own previously issued long-term guidance for annual global net store growth; and (iii) accordingly, Domino’s business and/or financial prospects were overstated.
On July 18, 2024, Domino’s issued a press release announcing its Q2 2024 financial results. Among other items, Domino’s disclosed that it “expects it will fall 175 to 275 stores below its 2024 goal of 925+ net stores in international primarily as a result of challenges in both openings and closures being faced by Domino’s Pizza Enterprises (‘DPE’), one of its master franchisees.” Accordingly, “[t]he Company is temporarily suspending its guidance metric of 1,100+ global net stores until the full effect of DPE’s store opens and closures on international net store growth are known.” On this news, Domino’s stock price fell $64.23 per share, or 13.57%, to close at $409.04 per share on July 18, 2024.
Investors who purchased or otherwise acquired shares of Domino’s should contact the Firm prior to the November 19, 2024 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at [email protected] or [email protected].
Please visit our website at http://www.gme-law.com for more information about the firm.
