Violations of federal securities laws as a result of a series of materially false statements. The Complaint alleges that, during the Class Period, the Company concealed that its two founders intended to step down as CEO and Chairman, and that Five Below raised its fiscal 2014 sales and earnings guidance twice. With the Company's stock trading at inflated prices due to these alleged omissions and misrepresentations, both of the Company's founders and its CFO took advantage of the situation by selling $30 million of their personally-held shares at these fraudulently-inflated prices. On December 4, 2014, Five Below disclosed that its sales growth had slowed and that it was reducing its sales and profit forecasts. On the same day, the Company's two founders also announced their resignations as CEO and Chairman. On this news, the price of the Company stock fell, closing down 21% from its Class Period high. Filed in E.D. Pa.
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