Lululemon Faces Securities Fraud Investigation After 17% Plunge
LULU is trading near its 52-week low of $91.281 (2.2% above the low).
Summary
Lululemon shares fell 17% after the company disclosed growth issues, and now a securities fraud investigation is underway. The stock is trading near its 52-week low at $93.25. This follows a brutal September where the company cut guidance twice and reported a 9% drop in comparable sales. The investigation adds legal risk on top of the operational deterioration.
At the time of this announcement, LULU was trading at $93.25 on NASDAQ in the Trade & Services sector, with a market capitalization of approximately $10.8B. The 52-week trading range was $91.28 to $225.98. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: PR Newswire.