The complaint alleges that Defendants made materially false and misleading statements regarding Petco’s pandemic-related tailwinds and the sustainability of its premium pet food business model. It further alleges that the Company overstated its ability to deliver profitable growth while downplaying operational challenges. These alleged misrepresentations led to significant declines in Petco’s stock price, including a drop of more than 20% on August 24, 2023, following a downward revision of financial guidance, and further declines after subsequent disclosures and leadership changes.

Investors who purchased or acquired Petco securities from January 14, 2021 through June 5, 2025, may no later than August 29, 2025, seek to be appointed as a lead plaintiff representative of the class.