NEW YORK, May 31, 2024 (GLOBE NEWSWIRE) -- Lowey Dannenberg P.C., a preeminent law firm in obtaining redress for consumers and investors, announces the filing of a class action lawsuit against Vestis Corporation (“Vestis” or the “Company”) (NYSE: VSTS) for violations of the federal securities laws on behalf of investors who purchased or acquired Vestis common stock between October 2, 2023 and May 1, 2024, inclusive (the “Class Period”).
On May 17, 2024, a complaint was filed against the Company and certain of its current officers alleging that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Aramark had historically underinvested in the business that became Vestis; (2) Vestis operated with outdated facilities and an underperforming sales force; (3) Vestis’s outdated facilities and underperforming sales force led to “service gaps” that had impeded the Company’s levers of growth and had resulted in customer attrition; and (4) as a result of the above, Defendants’ statements about Vestis’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
When investors learned the truth, Vestis’ common stock declined precipitously, injuring investors.
If you suffered a loss of more than $50,000 in Vestis’ securities, and wish to participate, or learn more, please contact our attorneys at (914) 733-7256 or via email to Andrea Farah (afarah@lowey.com) or Vincent R. Cappucci Jr. (vcappucci@lowey.com).
Any investor who wishes to serve as Lead Plaintiff must act before July 16, 2024.
About Lowey Dannenberg
Lowey Dannenberg is a national firm representing institutional and individual investors, who suffered financial losses resulting from corporate fraud and malfeasance in violation of federal securities and antitrust laws. The firm has significant experience in prosecuting multi-million-dollar lawsuits and has recovered billions of dollars on behalf of its clients.
Contact:
Lowey Dannenberg P.C.
44 South Broadway, Suite 1100
White Plains, NY 10601
Tel: (914) 733-7234
Email: investigations@lowey.com
SOURCE: Lowey Dannenberg P.C.
