Nike, Inc.

Registration Deadline:

08/19/2024

A securities class action has been filed in the USDC OR. against NIKE, Inc. (NKE) (“NIKE” or the “Company”), on behalf of all persons or entities that purchased or otherwise acquired Nike, Inc. Class B common stock between March 19, 2021 and March 21, 2024, both dates inclusive (the “Class Period”).

 

NIKE is a global athletic footwear and apparel company which designs, markets, and sells products for its NIKE, Jordan, and Converse brands. NIKE branded products are sold through the Company’s retail stores, NIKE Brand Digital platforms (“NIKE Digital”), wholesale partners, distributors, and licensees. NIKE Digital includes Nike.com and the Company’s digital application, Nike+.

 

The claim arises on March 21, 2024, NIKE announced its third quarter fiscal year 2024 financial results after market close.

 

The complaint alleges that, throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts, about the Company’s business and operations. Specifically, Defendants misrepresented and/or failed to disclose that:

(1) NIKE’s direct-to-consumer strategy was unable to generate sustainable revenue growth;

(2) NIKE’s purported competitive advantages were unable to protect the Company from intense competitive pressures after NIKE largely disengaged from many of its wholesale and retail partners to focus on the Company’s direct-to-consumer strategy; and

(3) as a result, Defendants’ representations about the Company’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis.

As a result, the price of NIKE Class B common stock declined $6.96 per share, or nearly 7%, from a close of $100.82 per share on March 21, 2024, to close at $93.86 per share on March 22, 2024,

 

If you purchased NIKE class B common stock during the class period and would like to receive more information or join the action, please enter your contact information below for a FREE consultation and click “Submit Your Information”.

 

About Lowey Dannenberg

Lowey Dannenberg is a national firm representing institutional and individual investors, who suffered financial losses resulting from corporate fraud and malfeasance in violation of federal securities and antitrust laws. The firm has significant experience in prosecuting multi-million-dollar lawsuits and has previously recovered billions of dollars on behalf of investors

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