A San Diego-based investment firm has filed a class action lawsuit “on behalf of all persons and entities that purchased or otherwise acquired XPEL Inc.,” according to a company release.
Robbins LLP has filed the lawsuit for anyone who bought XPEL stock between November 8, 2023 and May 2, 2024.
According to the complaint, during the class period, XPEL “failed to disclose to investors that: (i) XPEL’s competitors were siphoning an increasingly large segment of the market; (ii) as a result, the Company’s revenue growth became increasingly dependent upon existing customers and partners; and (iii) as a result, the Company’s revenue growth for 2023 and 2024 dwindled. When the truth was revealed, XPEL’s stock price fell $20.93, or nearly 39%, to close at $32.86 per share on May 2, 2024.”
Shareholders who want to serve as lead plaintiff for the class must submit their papers with the court by October 7, 2024, according to the release.
As of Thursday, August 15, there was no filing on XPEL’s financials page responding to the lawsuit.