FIGS Inc. made statements during its initial public offering that failed to reflect its dependence on expensive air freight due to supply chain issues, an investor alleged.
The medical scrubs and lab coat maker’s disappointing first-quarter 2022 financial results caused its stock price to drop 25%, shareholder Sean Ryan said in a proposed class action complaint filed in the US District Court for the Central District of California.
FIGS’ May 2021 registration statement filed with the Securities and Exchange Commission “blamed the COVID-19 pandemic for the use of air freight in the time leading up to the IPO,” Ryan says. ...
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