BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces an investigation on behalf of The Estee Lauder Companies Inc. (“Estee Lauder” or the “Company”) (NYSE: EL) investors concerning the Company’s possible violations of federal securities laws.
On November 2, 2022, Estee Lauder disclosed that it was lowering its full year financial outlook for fiscal 2023, revealing an 11% decline in net sales, which the Company attributed to Covid-19, supply chain disruptions, and inflation. On this news, Estee Lauder’s stock price fell $16.80, or 8.1%, to close at $189.96 per share on November 2, 2022, thereby injuring investors.
Then, on February 2, 2023, Estee Lauder released its second quarter 2023 financial results and once again, lowered its outlook for fiscal year 2023. On this news, Estee Lauder’s stock price fell $19.63, or 7%, to close at $261.17 per share on February 6, 2023.
Then, on May 3, 2023, Estee Lauder disclosed that it had been experiencing weaker sales and profit for the year than estimated, lowering its guidance for the third time. On this news, Estee Lauder’s stock price fell $42.52, or 17.3%, to close at $202.70 per share on May 3, 2023, thereby injuring investors further.
If you purchased Estee Lauder securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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