Patrick Gibbs, Janelle Fernandes and Jeff Lombard from Cooley have entered appearances for subscription-based apparel company Stitch Fix Inc. and other defendants in a pending securities class action. The suit, which centers on Stitch Fix's launch of its 'Freestyle' direct purchase program in 2020, was filed Aug. 26 in California Northern District Court by Bernstein Litowitz Berger & Grossman. According to the suit, Stitch Fix continued to assure investors that the new product would expand and deepen customer engagement while knowing that it actually cannibalized the company's legacy subscription business and hurt revenue. The case, assigned to U.S. District Judge Haywood S. Gilliam Jr., is 4:22-cv-04893, Retail Wholesale Department Store Union Local 338 Retirement Fund et al. v. Stitch Fix Inc. et al.
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September 22, 2022, 10:10 AM