In re Five Below, Inc. Securities Litigation

Berger Montague is co-lead counsel representing co-lead plaintiffs the Arkansas Public Employees’ Retirement System (APERS) and the Arkansas Teacher Retirement System (ATRS) in a securities fraud class action brought against the retail chain Five Below, Inc., its former Chief Executive Officer Joel Anderson, and its current Chief Operating Officer Ken Bull. Plaintiffs allege that Defendants made misleading statements concerning the Company’s ability to execute its “trend-right” merchandising strategy, and blamed its deteriorating financial performance on “shrink,” i.e., consumer theft, to detract from the true causes of the declining performance.

On August 25, 2025, U.S. District Judge Gerald A. McHugh largely denied Defendants’ motion to dismiss and allowed the case to proceed to discovery.

On August 3, 2026, the Court granted Plaintiffs’ motion to certify a class consisting of all investors who bought or acquired Five Below’s common stock from Dec. 1, 2022, through July 16, 2024.

“We are pleased to be able to represent the interests of these public pension funds, where teachers and other public servants were invested in this company and lost a considerable amount of money,” said Michael Dell’Angelo, Executive Shareholder and General Counsel of Berger Montague. “Our clients lost millions of dollars after they relied on the exaggerated expectations set by this retailer.”

Five Below is a chain of discount stores that prices most of its products at $5 or less. Headquartered in Philadelphia, Pennsylvania, the chain is aimed at tweens and teens. There are more than 1,700 stores in 43 states.

Read more:

Five Below Investors Win Class Cert. In Growth Potential Suit, Law360 (July 3, 2026).

Berger Montague is one of the nation’s preeminent law firms focusing on complex civil litigation, class actions, and mass torts in federal and state courts throughout the United States. The firm is active in the fields of antitrust, commercial litigation, consumer protection, defective products, environmental law, employment law, securities, and whistleblower cases, among many other practice areas. For more than 50 years, Berger Montague has played lead roles in precedent-setting cases and has recovered over $60 billion for its clients and the classes they have represented. Berger Montague is headquartered in Philadelphia and has offices in Chicago, Minneapolis, San Diego, San Francisco, Toronto, Washington, D.C., and Wilmington, DE.