PTLO Investor Alert: Johnson Fistel Encourages Portillo’s Inc. Investors to Contact the Firm Ahead of January 11, 2027 Lead Plaintiff Deadline

SAN DIEGO, Nov. 12, 2026 (GLOBE NEWSWIRE) -- Johnson Fistel, PLLP, a shareholder-rights law firm, announces that a securities class action lawsuit has been filed in the United States District Court for the Northern District of Illinois on behalf of investors who purchased or otherwise acquired Portillo’s Inc. (NASDAQ: PTLO) common stock between September 19, 2023 and May 4, 2026, inclusive (the “Class Period”).

The lawsuit alleges violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.

To learn more and submit your information, visit:

https://www.johnsonfistel.com/investigations/portillos/

What Is the Portillo’s Class Action About?

Portillo’s operates a chain of fast-casual restaurants specializing in Chicago-style food, including Italian beef sandwiches, hot dogs, and sausages.

According to the complaint, defendants made materially false or misleading statements concerning the Company's expansion strategy, restaurant performance, and growth prospects. Specifically, the complaint alleges that Portillo’s expanded too rapidly into markets where brand awareness and consumer demand were insufficient, opened restaurants that cannibalized sales at existing locations, and relied on promotional activities that negatively affected same-restaurant sales. As a result, the complaint alleges that defendants' positive statements concerning the Company's business, operations, and prospects were materially false or misleading.

The complaint further alleges that the truth emerged through a series of disclosures between August 4, 2025 and May 5, 2026, culminating in the Company's acknowledgment that its expansion strategy had resulted in restaurant cannibalization, insufficient demand in certain markets, and millions of dollars in costs associated with abandoned development sites and strategic changes. Portillo’s subsequently adopted a slower and more disciplined restaurant development strategy.

Following these disclosures, Portillo’s stock price declined $0.93 per share, or approximately 16.3%, from a closing price of $5.72 on May 4, 2026, to $4.79 on May 5, 2026. The Company's stock continued to decline, closing at $3.93 per share on May 18, 2026, representing a decrease of approximately 31.2% from its May 4 closing price.

What Is a Lead Plaintiff?

The lead plaintiff is a court-appointed investor who acts on behalf of the proposed class in directing the litigation. Investors seeking appointment as lead plaintiff must file their motions with the Court by January 11, 2027.

Serving as lead plaintiff is not required to share in any potential recovery. Investors may retain counsel of their choice, take no action, or remain absent members of the proposed class. No class has yet been certified.

Attorney advertising. Past results do not guarantee future outcomes. Services may be performed by attorneys in any of our offices. This press release may be considered a promotional communication. Frank J. Johnson is the attorney responsible for this communication.

Contact

Johnson Fistel, PLLP
501 W. Broadway, Suite 800
San Diego, CA 92101
James Baker, Investor Relations
(619) 814-4471
jimb@johnsonfistel.com