Important Information Regarding Section 20(a) Individual Liability Claims: the lawsuit seeks to hold Lululemon’s former Interim Co-CEOs, one of whom also served as CFO, personally liable as control persons for allegedly misleading brand and turnaround statements.

NEW YORK, Nov. 5, 2026 /PRNewswire/ — SueWallSt alerts investors in Lululemon Athletica Inc. (NASDAQ: LULU) that a securities class action is pending on behalf of purchasers between March 18, 2026 and September 3, 2026. Meghan Frank and André Maestrini, who served as the Company’s Interim Co-Chief Executive Officers throughout that period, are named as individual defendants. Find out if you may be eligible to recover losses or contact Joseph E. Levi, Esq. at jlevi@SueWallSt.com or (888) SueWallSt.

LULU shares fell $10.69 per share (8.56%) after the June 4, 2026 disclosure and $21.16 per share (17.38%) after the September 3, 2026 disclosure. The window to apply for lead plaintiff closes on January 4, 2027.

The complaint brings Section 10(b) and Rule 10b-5 claims. It also asserts Section 20(a) control person claims, which seek to hold the officers who ran Lululemon personally accountable alongside the Company. Because Frank held the CEO and CFO roles at the same time, the CEO and CFO securities liability allegations in this case converge on one executive.

The Named Individual Defendants and Their Dual Roles

Frank served as Interim Co-CEO and CFO. Maestrini served as Interim Co-CEO, President, and Chief Commercial Officer. Both ceased serving as Interim Co-CEOs on September 8, 2026, five days after the Class Period closed, and both remain with the Company in their other roles.

Alleged Control Person Liability Under Section 20(a)

• The pleading asserts that Frank and Maestrini had the power and authority to control the contents of Lululemon’s SEC filings, press releases, and other market communications.
• As averred, both received copies of the challenged filings and releases before or shortly after issuance. The complaint states they could have prevented their issuance or caused them to be corrected.
• Both executives delivered prepared remarks on the March 17, June 4, and September 3, 2026 earnings calls cited in the action.
• The complaint charges that, given their positions and access to nonpublic information, the Individual Defendants knew adverse facts about store traffic and product demand had not been disclosed.
• The allegedly misleading statements addressed brand strength, the three-pillar turnaround plan, and momentum in North America and Mainland China.

Sarbanes-Oxley Certifications on the CFO’s Signature

Frank signed Sarbanes-Oxley certifications attached to the 2025 Form 10-K filed March 17, 2026, acting as both principal executive officer and principal financial officer. Substantively the same certifications accompanied the Q1 2026 Form 10-Q filed June 4, 2026. The lawsuit claims both reports contained materially misleading statements about brand-building, China Mainland growth, and the turnaround plan, even though each certification attested to the absence of untrue statements of material fact.

“Corporate officers have a duty to ensure their companies’ public statements are accurate and complete. Here, the complaint alleges that the two executives jointly leading Lululemon controlled the very filings and earnings calls now challenged, and that one of them personally certified two SEC reports during the Class Period.” — Joseph E. Levi, Esq.

Submit your information to learn more or call (888) SueWallSt.

WHY SUEWALLST: SueWallSt is powered by Levi & Korsinsky LLP. Levi & Korsinsky LLP has established itself as a nationally-recognized securities litigation firm that has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. The firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services’ Top 50 Report as one of the top securities litigation firms in the United States.

Frequently Asked Questions About the LULU Lawsuit

Q: What court was the LULU class action filed in? A: The case was filed in the United States District Court for the District of New Jersey and is governed by the Private Securities Litigation Reform Act of 1995.

Q: Who are the defendants named in the LULU lawsuit? A: The complaint names Lululemon Athletica Inc. and individual defendants Meghan Frank and André Maestrini. Each is a senior executive who signed SEC filings, made public statements, or certified financial disclosures under Sarbanes-Oxley.

Q: What is the LULU class action lawsuit about? A: A securities class action has been filed against Lululemon Athletica Inc. (NASDAQ: LULU) alleging materially false and misleading statements between March 18, 2026 and September 3, 2026. Shares fell approximately 17.38% after the Company disclosed a second-quarter revenue shortfall and a further reduction to its FY 2026 guidance on September 3, 2026. Investors who purchased shares during the Class Period and suffered losses may be eligible to seek compensation.

Q: What do LULU investors need to do right now? A: Investors may gather brokerage records showing purchase dates, share quantities, and prices paid. Submit your information for a no-cost, no-obligation evaluation of your potential recovery. No immediate action is required to remain eligible as an absent class member.

Q: What is a lead plaintiff and why does it matter? A: A lead plaintiff is the investor appointed by the court to represent the entire class. Lead plaintiffs are typically investors with the largest documented losses. Being appointed does not increase individual recovery but gives direct oversight of how the case is run.

Q: What if I already sold my LULU shares — can I still recover losses? A: Yes. Eligibility is based on when you purchased, not whether you still hold the shares. Investors who bought during the Class Period and sold at a loss may still be eligible to participate.

Q: Do I need to go to court or give testimony? A: No. The overwhelming majority of class members never appear in court or give depositions. If there is a settlement or recovery, eligible class members generally submit a claim form to seek their portion.

Q: What does it cost me to participate? A: There is no upfront cost to submit your information and review whether you may be eligible to recover. Should you choose to participate in the securities class action, they are generally handled on a contingency basis, with any attorneys’ fees and expenses subject to court approval.

CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
33 Whitehall Street, 27th Floor
New York, NY 10004
jlevi@SueWallSt.com
Tel: (888) SueWallSt
Fax: (212) 363-7171

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SOURCE SueWallSt.com