NEW YORK, Dec. 19, 2022 /PRNewswire/ — Pomerantz LLP is investigating claims on behalf of investors of JOANN Inc. (“JOANN” or the “Company”) (NASDAQ: JOAN). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether JOANN 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 December 12, 2022, Joann issued a press release “report[ing] results for its third quarter ending October 29, 2022.” Among other items, Joann reported earnings per share (“EPS”) of $0.06 on net sales of $562.8 million, representing a 7.9% year-over-year decline. The Company’s results missed analyst expectations of EPS of $0.23 and net sales of $569.16 million.
On this news, Joann’s stock price fell $0.76 per share, or 17.31%, over the following two trading sessions, to close at $3.63 per share on December 14, 2022.
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 numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
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SOURCE Pomerantz LLP
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