SHAREHOLDER ALERT: Pomerantz Law Firm Announces Filing of Class Action Lawsuit against Nike, Inc.

NEW YORK, July 10, 2024 /PRNewswire/ — Pomerantz LLP announces that a class action lawsuit has been filed against Nike, Inc. (“Nike” or the “Company”) (NYSE: NKE). Investors are advised to Danielle Peyton at (email protected) or 646-581-9980 (or 888.4-POMLAW), toll-free, extension 7980. For inquiries by email, you will be asked to provide your mailing address, telephone number and the number of shares purchased.

The class action lawsuit concerns whether Nike and certain of its officers and/or directors engaged in securities transactions Fraud or other unlawful business practices.

You have until 19 August 2024to ask the Court to appoint you as lead plaintiff for the class if you are a shareholder who purchased or otherwise acquired Nike securities during the Class Period. A copy of the complaint is available atT www.pomerantzlaw.com.

(Click here for information on joining the class action lawsuit.)

At 27 June 2022Nike announced its fourth quarter and full year 2022 financial results after the market closed. Nike said quarterly revenue decreased 1% year-over-year and quarterly wholesale revenue decreased 7% year-over-year.

On this news, the price of Nike’s Class B common stock fell $7.72 per share or almost 7% and closed at $102.78 per share on June 28th2022.

Then on 29 September 2022Nike has announced its financial results for the first quarter of fiscal 2023. Nike reported a 22% year-over-year decline in net income and a 20% year-over-year decline in diluted earnings per share. Nike also reported a significant decline in gross margin (down 220 basis points year-over-year) due to the disposal of excess inventory – which was 44% higher than in the first quarter of 2022.

On this news, the price of Nike’s Class B common stock fell $12.21 per share, or almost 13%, and closed at $83.12 per share on 30. September2022.

At December 21, 2023Nike announced its financial results for the second quarter of fiscal 2024 and held its investor earnings conference call after the market close. Matthew FriendExecutive Vice President and Chief Financial Officer (“CFO”) of Nike, admitted that Nike’s “overall retail sales across the market fell short of our expectations” and that Nike’s digital platforms lost customer traffic to competitors due to “higher promotional activity across the market.” In light of these challenges, Friend announced that Nike is “adjusting its channel growth plans for the remainder of the year” and “identifying opportunities companywide to drive up to 2 billion dollars in cumulative cost savings over the next 3 years.”

On this news, the price of Nike’s Class B common stock fell 14,49 € per share, or almost 12%, and closed at $108.04 per share on December 222023.

Finally March 21, 2024Nike announced its financial results for the third quarter of fiscal year 2024 and reported a 3% year-over-year decline in sales Europe, middle EastAnd Africa segment, a 3% year-over-year decline in Nike Digital revenue, and modest quarterly revenue growth of approximately 0.4% year-over-year at Nike Direct. On the related investor conference call the same day, CFO Friend announced that Nike is “conservatively planning for a low-single-digit revenue decline in the first half of fiscal year (2025)” as the company “shifts its product portfolio toward novelty and innovation.”

On this news, the price of Nike’s Class B common stock fell 6,96 € per share or almost 7% and closed at $93.86 per share on March 22, 2024.

Pomerantz LLP, with offices in new York, Chicago, Los Angeles, London, ParisAnd Tel-Avivis considered one of the leading law firms in the areas of corporate, securities and antitrust litigation. Founded by the late Abraham L. PomerantzKnown as the dean of class action lawyers, Pomerantz was a pioneer in the field of securities class action litigation. Today, more than 85 years later, Pomerantz continues the tradition he established and fights for the rights of victims of securities class action litigation. FraudBreach of fiduciary duty and corporate misconduct. The firm has won billions of dollars in damages on behalf of class action plaintiffs. See www.pomlaw.com.

Attorney advertising. Past results do not guarantee similar results.

CONTACT:
Danielle Peyton
Pomerantz LLP
(email protected)
646-581-9980 extension 7980

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