Investors can the law firm free of charge to learn more about recovering their losses
LOS ANGELES, June 24, 2024 (GLOBE NEWSWIRE) — The Portnoy Law Firm advises investors of Nike, Inc. (“Nike” or the “Company”) (NYSE: NKE) that a class action lawsuit has been filed on behalf of investors. Nike investors who lost money on their investment are encouraged to contact Lesley Portnoy, Esq.
Investors who purchased and/or sold shares between March 19, 2021 and March 21, 2024 are encouraged to contact Attorney Lesley F. Portnoy by phone at 310-692-8883 or email at [email protected] to discuss their legal rights or click here to join the case at www.portnoylaw.com. The Portnoy Law Firm can provide a free case evaluation and discuss investors’ options for pursuing claims to recover their losses.
On June 27, 2022, Nike announced its fourth quarter and full year 2022 financial results after the market closed. Quarterly revenue decreased 1% year over year, with wholesale revenue decreasing 7% year over year. As a result, Nike’s Class B common stock fell $7.72 per share, or nearly 7%, to close at $102.78 per share on June 28, 2022.
On September 29, 2022, Nike released its financial results for the first quarter of fiscal 2023, reporting a 22% decrease in net income and a 20% decrease in diluted earnings per share year-over-year. The company also experienced a significant 220 basis point year-over-year decrease in gross margin, driven by increased disposal of excess inventory, which increased 44% compared to the first quarter of 2022. As a result, Nike’s Class B common stock fell $12.21 per share, nearly 13%, to close at $83.12 per share on September 30, 2022.
On December 21, 2023, Nike released its financial results for the second quarter of fiscal 2024 and held a corresponding conference call with investors after the market closed. Matthew Friend, Nike’s Executive Vice President and Chief Financial Officer (“CFO”), acknowledged that the Company’s total retail sales fell short of expectations, while its digital platforms experienced a decline in customer traffic due to increased promotional activities by competitors across the market. In response, Nike announced plans to adjust its channel growth strategies for the remainder of the year and identified opportunities to achieve up to $2 billion in cumulative cost savings over the next three years. As a result, Nike’s Class B common stock declined $14.49 per share, nearly 12%, to close at $108.04 per share on December 22, 2023.
Finally, on March 21, 2024, Nike released its financial results for the third quarter of fiscal 2024. It noted a 3% year-over-year revenue decline in its Europe, Middle East and Africa segment, a similar decline in Nike Digital revenue, and minimal quarterly revenue growth of approximately 0.4% year-over-year at Nike Direct. During the concurrent earnings call for investors, CFO Friend indicated that it was prudently planning for a low-single-digit revenue decline in the first half of fiscal 2025 driven by strategic shifts in Nike’s product portfolio toward innovation and new offerings. In response to this update, Nike Class B common stock fell $6.96 per share, or nearly 7%, to close at $93.86 per share on March 22, 2024.
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The Portnoy Law Firm represents investors in claims arising from corporate malpractice. The firm’s founding partner has recovered more than $5.5 billion for injured investors. Attorney Advertising. Past results do not guarantee similar results.
Lesley F. Portnoy, Esq.
Admitted to the bar in California and New York
[email protected]
310-692-8883
www.portnoylaw.com
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