Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, today announced that it has commenced an investigation on behalf of Nike, Inc. (“Nike” or the “Company”) (NYSE: NKE) investors concerning the Company’s possible violations of the federal securities laws.

If you suffered a loss on your Nike investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/Nike-Inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com to learn more about your rights.

On June 27, 2022, Nike released its fourth quarter and full year 2022 financial results, disclosing that quarterly revenues had declined 1% year-over-year and quarterly wholesale revenues declined 7% year-over-year. On this news, Nike’s stock price fell $7.72, or 7%, to close at $102.78 per share on June 28, 2022, thereby injuring investors.

Then, on September 29, 2022, Nike released its first quarter 2023 financial results, reporting a net income decline of 22% year-over-year and diluted earnings per share decline of 20% year-over-year. Additionally, the Company reported a significant reduction in gross margin driven by the disposal of excess inventory. On this news, Nike’s stock price fell $12.21, or 12.8%, to close at $83.12 per share on September 30, 2022.

Then, on December 21, 2023, Nike released its second quarter 2024 financial results and stated that “total retail sales across the marketplace fell short of [the Company’s] expectations,” and that Nike’s digital platforms lost consumer traffic to competitors because of “higher promotional activity across the marketplace.” On this news, Nike’s stock price fell $14.49, or 11.8%, to close at $108.04 per share on December 22, 2023.

Then, on March 21, 2024, Nike released its third quarter 2024 financial results, reporting a 3% year-over-year decline in revenue in its Europe, Middle East, and Africa segment, a 3% year-over-year decline in Nike Digital revenue, and a mere 0.4% year-over-year quarterly revenue growth in Nike Direct. The Company also stated that Nike was “prudently planning for revenue in the first half of the fiscal year [2025] to be down low single digits” as the Company “shift[s its] product portfolio toward newness and innovation.” On this news, Nike’s stock price fell $6.96, or 6.9%, to close at $93.86 per share on March 22, 2024, thereby injuring investors further.

Follow us for updates on LinkedIn, Twitter, or Facebook.

Whistleblower Notice: Persons with non-public information regarding Nike should consider their options to aid the investigation or take advantage of the SEC Whistleblower Program. Under the program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Charles H. Linehan at 310-201-9150 or 888-773-9224 or email shareholders@glancylaw.com.

About GPM

Glancy Prongay & Murray LLP is a premier law firm representing investors and consumers in securities litigation and other complex class action litigation. ISS Securities Class Action Services has consistently ranked GPM in its annual SCAS Top 50 Report. In 2018, GPM was ranked a top five law firm in number of securities class action settlements, and a top six law firm for total dollar size of settlements. With four offices across the country, GPM’s nearly 40 attorneys have won groundbreaking rulings and recovered billions of dollars for investors and consumers in securities, antitrust, consumer, and employment class actions. GPM’s lawyers have handled cases covering a wide spectrum of corporate misconduct including cases involving financial restatements, internal control weaknesses, earnings management, fraudulent earnings guidance and forward looking statements, auditor misconduct, insider trading, violations of FDA regulations, actions resulting in FDA and DOJ investigations, and many other forms of corporate misconduct. GPM’s attorneys have worked on securities cases relating to nearly all industries and sectors in the financial markets, including, energy, consumer discretionary, consumer staples, real estate and REITs, financial, insurance, information technology, health care, biotech, cryptocurrency, medical devices, and many more. GPM’s past successes have been widely covered by leading news and industry publications such as The Wall Street Journal, The Financial Times, Bloomberg Businessweek, Reuters, the Associated Press, Barron’s, Investor’s Business Daily, Forbes, and Money.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240626087672/en/