SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Leslie's, Inc. - LESL

NEW YORK, Oct. 25, 2023

The investigation concerns whether Leslie's and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. 

[Click here for information about joining the class action] 

On July 13, 2023, Leslie's pre-released preliminary results for the third quarter of 2023. Among other items, Leslie's revealed that sales in the third quarter of 2023 had declined by 12%, the Company's earnings per share for the quarter was 42% below analysts' estimates, and adjusted earnings before interest, taxes, depreciation, and amortization ("EBITDA") was now between $124 to $128 million, well below the prior forecast of $197 million.

Additionally, after reaffirming its fiscal 2023 guidance the previous two quarters, Leslie's abruptly slashed its financial outlook by up to 60% for the remainder of the year. By way of explanation, the Company stated that "consumers entered the pool season with a greater than normal amount of chemicals leftover from last year," resulting in reduced purchasing. In addition, as part of this pre-release and the sudden drop in guidance, Leslie's announced that its Chief Financial Officer Steven M. Weddell would be stepping down from his post effective August 7, 2023. 

On this news, Leslie's stock price fell $4.06 per share, or 42.65%, over the following two trading sessions, to close at $5.46 per share on July 17, 2023.