Vestis Corporation

Registration Deadline:

07/16/2024

A securities class action has been filed in the USDC S.D.CA. against Vestis Corporation (VSTS) (“Vestis” or the “Company”), on behalf of all persons or entities that purchased or otherwise acquired Vestis common stock between October 2, 2023 and May 1, 2024, both dates inclusive (the “Class Period”).

 

Based in Roswell, Georgia, Vestis is a provider of uniforms and workplace supplies in the United States and Canada. The Company was created as the result of its September 30, 2023 spinoff from food services and facilities management provider Aramark

 

The complaint alleges that, during the Class Period, the Defendants made materially false and misleading statements and failed to disclose that:

 

(1) Aramark had historically underinvested in the business that became Vestis;

(2) Vestis operated with outdated facilities and an underperforming sales force;

(3) Vestis’s outdated facilities and underperforming sales force led to “service gaps” that had impeded the Company’s levers of growth and had resulted in customer attrition; and

(4) as a result of the above, Defendants’ statements about Vestis’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.

 

As a result, the price of Vestis stock plummeted 45%, from a closing price of $18.47 per share on May 1, 2024, to a closing price of $10.16 per share on May 2, 2024, thereby harming investors.

 

If you purchased Vestis 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.

If you suffered a loss on your investments or would like to inquire about joining an action to recover your loss under the federal securities laws, please complete the form below.

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