SHAREHOLDER ALERT: Pomerantz Law Firm Announces the Filing of a Class Action Against Celsius Holdings, Inc. - CELH
SHAREHOLDER ALERT: Pomerantz Law Firm Announces the Filing of a Class Action Against Celsius Holdings, Inc. - CELH |
| [03-December-2024] |
NEW YORK, Dec. 3, 2024 /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against Celsius Holdings, Inc. ("Celsius" or the "Company") (NASDAQ: CELH). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
The class action concerns whether Celsius and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. You have until January 21, 2025, to ask the Court to appoint you as Lead Plaintiff for the class if you are a shareholder who purchased or otherwise acquired Celsius securities during the Class Period. A copy of the Complaint can be obtained at www.pomerantzlaw.com. [Click here for information about joining the class action] On May 27, 2024, the price of Celsius stock fell nearly 13% as analysts and investors digested some of the latest retail store trends reported by Nielsen, a global data and analytics company. Morgan Stanley noted that Celsius' sales growth slowed sequentially in weekly retail data – slowing to 39% year-over-year in the week ended May 18 down from 50% in the week ended May 4 – that its market share dipped, and that pricing for Celsius' products was down 7.2% year-over-year, and cautioned that Celsius faced difficult sales comparisons over the next several quarters as it rolled over the anniversary of its Distribution Agreement with Pepsi. Then, on September 4, 2024, the Company revealed, among other things, that Celsius' sales to Pepsi were reduced from "roughly around [$]100 million to [$]120 million . . . from what [Pepsi] ordered last quarter," that Celsius was "still seeing these inventory levels being reduced" and that it had "increased" in the third quarter of 2024, and that "just to be precise with the [$]100 million to [$]120 million figure, . . . we're seeing approximately [$]100 million to [$]120 million less in orders to Pepsi in Q3 this year versus Q3 last year." On this news, the price of Celsius stock fell $4.25 per share, or 11.59%, to close at $32.39 per share on September 4, 2024. Finally, on November 6, 2024, Celsius disclosed that its overall third quarter of 2024 "revenue was approximately $265.7 million, compared to $384.8 million for the" third quarter of 2023, a 31% decline; its North American revenues fell 33%; and its "'[r]evenue from [Pepsi] declined $123.9 million,'" while "[c]oncurrently, related retailer promotional allowances created revenue headwinds." Celsius further revealed that that its quarterly "gross profit decreased by $71.9 million, or 37%"; that its quarterly "[g]ross profit margin was 46.0% . . . , a 440 basis point decrease from 50.4% for the same period in 2023"; and that the "decrease in gross profit was due to promotional allowances, incentives, and other billbacks as a percentage of gross revenue" resulting from Pepsi's drawdown. On this news, the price of Celsius stock fell $1.69 per share, or 5.32%, to close at $30.04 per share on November 6, 2024. Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com. Attorney advertising. Prior results do not guarantee similar outcomes. CONTACT:
SOURCE Pomerantz LLP | ||
Company Codes: NASDAQ-SMALL:CELH |
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