Class action lawsuit filed on behalf of

Investors can contact law firm free to learn more about loss recovery

LOS ANGELES, July 9, 2024 (GLOBE NEWSWIRE) — The Portnoy Law Firm is notifying Nike, Inc. (“Nike” or the “Company”) (NYSE: NKE) investors that a class action lawsuit has been filed on behalf of the investors. Nike investors who have lost money on their investment are encouraged to contact Lesley Portnoy, Esq.

Investors who purchased and/or sold shares between March 19, 2021 and March 21, 2024 are encouraged to contact attorney Lesley F. Portnoy by phone at 310-692-8883 or email at [email protected] to discuss their rights, or click here to join a case at Portnoy Law Firm can provide a free case evaluation and discuss investors’ options for pursuing a claim to recover their losses.

On June 27, 2022, Nike reported its fourth quarter and full year 2022 financial results after the market close. Quarterly revenue declined 1% year over year, and wholesale revenue declined 7% year over year. As a result, Nike Class B common stock fell $7.72 per share, or nearly 7%, to close at $102.78 per share on June 28, 2022.

On September 29, 2022, Nike reported financial results for the first quarter of fiscal 2023, showing a 22% decline in net income and a 20% decline in diluted earnings per share compared to the prior year. The company also reported a significant decline in gross margin, down 220 basis points year over year, driven by increased sales of excess inventory, which increased 44% compared to the first quarter of 2022. As a result, Nike Class B common stock fell $12.21 per share, or nearly 13%, to close at $83.12 per share on September 30, 2022.

On December 21, 2023, Nike released its second quarter fiscal 2024 financial results and hosted a corresponding conference call with investors after the close of business. Matthew Friend, Nike’s executive vice president and chief financial officer (“CFO”), acknowledged that the Company’s total retail sales were below expectations and that its digital platforms experienced a decline in consumer traffic due to increased promotional activity from competitors across the market. In response, Nike disclosed plans to adjust its channel strategy for the remainder of the year and identified opportunities to achieve up to $2 billion in cumulative cost savings over the next three years. As a result, Nike’s Class B common stock declined $14.49 per share, or nearly 12%, to close at $108.04 per share on December 22, 2023.

Finally, on March 21, 2024, Nike disclosed its fiscal 2024 third-quarter financial results, which revealed a 3% year-over-year revenue decline in the Europe, Middle East and Africa segment, a similar decline in Nike Digital revenue, and minimal quarterly revenue growth of approximately 0.4% year-over-year in Nike Direct. During a concurrent earnings call with investors, CFO Friend indicated cautious planning for a low-single-digit revenue decline in the first half of fiscal 2025, driven by strategic shifts in Nike’s product portfolio toward innovation and new offerings. In response to this update, Nike Class B common stock fell $6.96 per share, or nearly 7%, to close at $93.86 per share on March 22, 2024.

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Portnoy Law Firm represents investors in pursuing claims for corporate misconduct. Founding partner has recovered more than $5.5 billion for injured investors. Attorney Advertising. Previous results do not guarantee similar results.

Lesley F. Portnoy, Attorney at Law
Admitted to the bar in California and New York
[email protected]
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