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About the Case

According to the complaint, on May 12, 2022, FIGS announced disappointing results and slashed its expected sales, gross margin, and adjusted earnings before interest, taxes, depreciation, and amortization (“EBITDA”) because of these “supply chain” issues. FIGS also admitted that not only did they continue to rely on air freight during the first quarter of 2022, but that “[f]or the rest of the year, we plan to significantly increase our use of airfreight to reduce our exposure to these unpredictable transit times.” Following this news, FIGS’ stock price fell $3.21 per share, approximately 25%, to just $9.64 per share.

The complaint alleges that, in the Registration Statement, and throughout the Class Period, the defendants: (i) inflated FIGS’ true ability to successfully secure repeat customers; (ii) failed to disclose FIGS’ increasing dependence on air freight; (iii) inflated the expected net revenues, gross margin, and adjusted EBITDA margin for 2022; and (iv) that, as a result, of the foregoing, the defendants' statements about FIGS’ business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

Berger Montague Counsel

Andrew Abramowitz, Esq.

25%

aabramowitz@bm.net

(215) 875-3015

bergermontague.com

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James Maro, Esq.

25%

jmaro@bm.net

(215) 875-3093

bergermontague.com

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