Archived Investigations


Company Name:FIGS, Inc.
Stock Symbol:NYSE: FIGS
Court:Central District of California
Class Period Start:05/27/2021
Class Period End (inclusive):05/12/2022
Filing Deadline:The deadline has passed.
November 2, 2022

Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until January 3, 2023 to file lead plaintiff applications in securities class action lawsuits against FIGS, Inc. (NYSE: FIGS), if they purchased the Company’s securities between May 27, 2021 and May 12, 2022, inclusive (the “Class Period”), and/or shares pursuant to the Company’s June 2021 initial public offering (the “IPO”), and/or shares pursuant to the Company’s September 2021 secondary public offering (the “SPO”).  

FIGS and certain of its executives are charged with failing to disclose material information during the Class Period and/or in the Registration Statement and Prospectus issued in conjunction with the initial and/or secondary public offerings, violating federal securities laws. 

On May 12, 2022, the Company released disappointing 1Q2022 financial results and full year outlook for 2022, disclosing declines in expected 2022 net revenues, adjusted gross EBITDA margin, and expected gross margin, due to a “significant increase in the Company’s use of air freight to help mitigate supply chain challenges,” and 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,” despite the Company’s prior reassurances regarding its ability to maintain an efficient and steady supply chain.

On this news, the price of FIGS’ shares plummeted, falling approximately 25% to close at $9.64 per share.

The first-filed case is Ryan v. Figs, Inc., et al., No. 22-cv-7939.

A subsequent case was filed, City Of Hallandale Beach Police Officers And Firefighters Personnel Retirement Trust v. Figs, Inc., et al., No. 22-cv-8912.

Click here to read the first filed complaint.

Click here to read the subsequent complaint.