National Vision Holdings, Inc. (NASDAQ: EYE)

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NEW YORK, NY – February 8, 2023 – Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed in the United States District Court for the Northern District of Georgia on behalf of investors who purchased or acquired the common stock of National Vision Holdings, Inc. (“National Vision” or the “Company”) (NASDAQ: EYE) between May 13, 2021 and May 9, 2022, inclusive (the “Class Period”).

All investors who purchased shares and incurred losses are advised to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774.

If you have incurred losses, you may, no later than March 28, 2023, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights.

National Vision is an optical retailer that provides eye exams, eyeglasses, and contact lenses to value-seeking and lower-income consumers.

The filed complaint alleges that Defendants made materially false and misleading statements throughout the Class Period. Specifically, Plaintiff alleges that Defendants failed to disclose that:

National Vision was experiencing extraordinary wage and labor pressures as a result of intense competition and disruptions in the labor market due to the COVID-19 pandemic;
National Vision had made a significant multi-million dollar investment in wage and compensation payments to its vision care professionals to prevent mass defections in the middle of 2021;
the enhanced payouts were expected to negatively impact National Vision’s fourth quarter 2021 costs and profit margins to an extent materially greater than what had been disclosed to investors;
as a result, National Vision’s profitability metrics were expected to deteriorate below not only favorable 2020 results, but also below pre-pandemic levels; and
consequently, there was a substantial undisclosed risk that National Vision would experience staff and optometrist shortages and capacity constraints.

On May 10, 2022, National Vision issued deeply disappointing financial and operational results for its first fiscal quarter of 2022. The release stated that during the quarter, on a year-over-year basis, the Company’s net revenues had decreased 1.2% to $527.7 million, its adjusted CSS had fallen 6.8%, net income had decreased 30.6% to $30.1 million, and its diluted EPS had decreased 28.2% to $0.34. The release also slashed the Company’s 2022 outlook, lowering adjusted CSS to a range of negative 7% to negative 4%, net revenue to a range of $2.01 billion to $2.07 billion, adjusted operating income to a range of $85 million to $105 million, and adjusted diluted EPS to a range of $0.65 to $0.80. Notably, the revised projections indicated that the Company was actually performing worse in terms of profits and earnings than before the pandemic. The release blamed “’emerging constraints to exam capacity'” as a major reason for the shortfall, a fact that the Individual Defendants confirmed on the Company’s subsequent earnings call related to a lack of sufficient optometrists.

On this news, National Vision’s stock price fell $8.64 per share, or over 25%, to close at $24.93 per share on May 10, 2022.

Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.

If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735 or via e-mail at classmember@whafh.com.

Contact:

Wolf Haldenstein Adler Freeman & Herz LLP

Patrick Donovan, Esq.

Gregory Stone, Director of Case and Financial Analysis

Email: gstone@whafh.com, donovan@whafh.com or classmember@whafh.com

Tel: (800) 575-0735 or (212) 545-4774

Certification and Authorization Pursuant to Federal Securities Laws

The individual or entity listed below requests Wolf Haldenstein Adler Freeman & Herz LLP to file an action or motion for appointment as lead plaintiff and lead counsel under the federal securities laws to recover damages and to seek other relief against National Vision Holdings, Inc. (NASDAQ: EYE). Wolf Haldenstein Adler Freeman & Herz LLP will not do so until you complete a retainer agreement authorizing us to prosecute the action on a contingent fee basis.
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Are you a current or former employee of the company?*
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I, individually or on behalf of the entity I represent ("I"), hereby certify as follows:
1. I have reviewed the complaint and authorize the filing of a lead plaintiff motion or action on my behalf.
2. I did not acquire the security that is the subject of this action at the direction of the Firm or in order to participate in this private action or any other litigation under the federal securities laws.
3. I am willing to serve as a representative party on behalf of a class, including providing testimony at deposition and trial, if necessary.
4. I represent and warrant that I am fully authorized to enter into and execute this certification.
5. I will not accept any payment for serving as a representative party on behalf of the class beyond my pro rata share of any recovery, except such reasonable costs and expenses (including lost wages) directly relating to the representation of the class as ordered or approved by the court.
6. I have made no transaction(s) during the Class Period in the debt or equity securities that are the subject of this action except those set forth below:
Purchases
Type of Security Buy Date (mm/dd/yy) # of Shares Price per Share
Sales
Type of Security Sell Date (mm/dd/yy) # of Shares Price per Share
7. I have not served as a representative party on behalf of a class under the federal security laws during the last three years, except if detailed below.
8. I have not previously provided a certification for this action to any other law firm.
I declare under penalty of perjury, under the laws of the United States, that the information entered is accurate.*
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By clicking the button below, I acknowledge that this form is not intended to and does not establish an attorney-client relationship between myself and Wolf Haldenstein Adler Freeman & Herz LLP, and that the submission or receipt of information to the Firm or one of its attorneys via this form, website, e-mail or telephone does not create an attorney-client relationship.*
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The Complaint provided to me is incorporated by reference.
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Signed pursuant to California Civil Code Section 1633.1, et seq. - and the Uniform Electronic Transactions Act as adopted by the various states and territories of the United States.
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Date of signing: 03/28/2023

Type of Security	Buy Date (mm/dd/yy)	# of Shares	Price per Share

Type of Security	Sell Date (mm/dd/yy)	# of Shares	Price per Share

National Vision Holdings, Inc. (NASDAQ: EYE)

Certification and Authorization Pursuant to Federal Securities Laws

I, individually or on behalf of the entity I represent ("I"), hereby certify as follows: