SAN DIEGO, CA / ACCESSWIRE / August 24, 2023 / Shareholder rights law firm Johnson Fistel, LLP (www.JohnsonFistel.com) announces the filing of a class action lawsuit on behalf of purchasers of the securities of Party City Holdco Inc. (NYSE:PRTY)(OTC:PRTYQ) between November 8, 2022 and June 9, 2023, both dates inclusive (the "Class Period"). If you are a shareholder who incurred losses during this period, you have until October 2, 2023, to move the court to become a lead plaintiff in this action.
If you would like more information and want to join the class action, please click or copy and paste the following link:
https://www.johnsonfistel.com/investigations/party-city-stock-news
There is no cost or obligation to you.
According to the lawsuit, throughout the Class Period, the defendants: (1) affirmatively misrepresented that its capital resources "will be adequate to meet our liquidity needs for at least the next 12 months"; (2) omitted that there was substantial doubt about the Company's ability to continue as a going concern; (3) downplayed the nature and extent of the Company's then existing liquidity problems; (4) omitted that the Company's existing credit facilities were insufficient to satisfy its operational needs and that it was unable to obtain additional loans in the normal course of business and ; (5) omitted that there was a material weakness in its internal control over financial reporting. When the true details entered the market, the lawsuit claims that investors suffered damages.
Party City Holdco Inc. is a company that designs, manufactures, sources, and distributes party goods worldwide. The company operates through two segments, Retail and Wholesale. It offers paper and plastic tableware, metallic and latex balloons, Halloween and other costumes, accessories, novelties, gifts, and stationery. The company operates specialty retail party supply stores throughout North America under the Party City and Halloween City names, as well as e-commerce websites principally through the domain name PartyCity.com. It offers its products through company-owned stores, independent party supply stores, mass merchants, grocery retailers, e-commerce merchandisers, and dollar stores. The company was founded in 1947 and is headquartered in Woodcliff Lake, New Jersey.
A lead plaintiff will act on behalf of all other class members in directing the class-action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the class-action lawsuit. An investor's ability to share any potential future recovery of the class action lawsuit is not dependent upon serving as lead plaintiff.
Johnson Fistel, LLP is a shareholder rights law firm representing individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information, visit their website http://www.johnsonfistel.com.
Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
Investor Relations
jimb@johnsonfistel.com
or
Frank Johnson, 619-309-4405
fjohnson@johnsonfistel.com
SOURCE: Johnson Fistel, LLP