Weil, Gotshal & Manges partners Jonathan D. Polkes and Caroline Zalka have entered appearances for Estee Lauder, its CEO and CFO in a pending securities class action. The action, which pertains to the company's pre-COVID profitable resale market in Asia, was filed Jan. 22 in New York Southern District Court by Labaton Keller Sucharow. The suit accuses the defendants of failing to disclose that the company's elevated inventory levels were forcing Estee to discount its products in an attempt to reduce inventory, thus leading to lower revenues and profit margins. The case, assigned to U.S. District Judge Arun Subramanian, is 1:24-cv-00468, West Virginia Laborers Pension Trust Fund v. The Estee Lauder Companies Inc. et al.
Retail & Consumer Goods
February 01, 2024, 8:08 AM