# Frank R. Cruz Probes Portillo's Statements After 23.2% Share Decline > The Law Offices of Frank R. Cruz is investigating potential securities fraud claims against Portillo's after a 23.2% stock decline tied to a May 5. - Published: 2026-11-13T20:50:52+00:00 - Section: Legal & Disputes - Author: News Desk - URL: https://newsforagent.com/news/2026-11-13/frank-cruz-portillos-securities-investigation - Source: [Business Wire](https://www.businesswire.com/news/home/20261113411610/en/) ## Key takeaways - The Law Offices of Frank R. Cruz is investigating potential securities fraud claims on behalf of Portillo's Inc. investors. - Portillo's stock fell $2.21, or 23.2%, to close at $7.28 per share on August 4, 2025. - Portillo's reported a 0.1% decrease in same-restaurant sales and a net loss of $0.5 million in its first-quarter 2026 results. The Law Offices of Frank R. Cruz said on November 13, 2026 that it is investigating potential securities fraud claims on behalf of investors in Portillo's Inc., examining whether the company may have violated federal securities laws. The firm announced the investigation in a [Business Wire](https://www.businesswire.com/news/home/20261113411610/en/) release. ## Inside the Portillo's Investigation Portillo's is a restaurant chain whose shares trade on NASDAQ under the ticker PTLO. The investigation centers on the company's disclosure on May 5, 2026, according to the firm. On August 5, 2025, Portillo's cut its 2025 revenue growth guidance roughly in half and said it expected Adjusted EBITDA growth to be flat to low single digits, down from the previously guided high single digits. On that news, the stock fell $2.21, or 23.2%, to close at $7.28 per share on August 4, 2025. On May 5, 2026, before the market opened, Portillo's announced first-quarter 2026 results that included a 0.1% decrease in same-restaurant sales, a $5.9 million decrease in operating income to $4.5 million from $10.4 million, and a net loss of $0.5 million. Restaurant-level adjusted EBITDA decreased $1.8 million to $34.8 million, and adjusted EBITDA decreased $2.8 million to $18.5 million. The stock then fell $0.30, or 6.17%, to close at $4.49 on May 6, 2026. "Portillo's Inc. Shares dropped 23.2% after it was disclosed on May 5, 2026 that Portillo's had cut its 2025 revenue growth guidance roughly in half. Our investigation will look at whether investors had complete and accurate information before that disclosure," said Frank R. Cruz of The Law Offices of Frank R. Cruz. The release announces an investigation, not a lawsuit. The firm said investors who lost money can contact it through its [Portillo's investigation page](https://www.frankcruzlaw.com), by email or by phone, and that it works on contingency, with fees and expenses paid only from any recovery and subject to court approval. ## Other Probes by Frank R. Cruz On October 14, 2026, the firm announced an investigation into Compass, Inc. Over possible federal securities law violations, after the stock fell over 28% to $9.19 following its merger with Anywhere Real Estate, [FinancialContent Business Page](https://www.financialcontent.com/article/bizwire-2026-11-13-lost-money-on-enovix-corporation-stock-glancy-prongay-wolke-and-rotter-llp-investigates-possible-securities-fraud-after-2866-share-price-drop) reported. The same day, [GlobeNewswire](https://www.prnewswire.com/news-releases/investor-alert-pomerantz-law-firm-investigates-claims-on-behalf-of-investors-of-hca-healthcare-inc--hca-302937505.html) reported that the firm continued its investigation into Lennar Corporation, where a Hunterbrook Media report alleged Lennar reported 20,840 deliveries versus guidance of 20,500-21,500, causing a 6.73% stock drop to $74.44. ## Similar Cases at Other Firms Glancy Prongay Wolke & Rotter LLP announced a securities fraud investigation into Enovix Corporation after its stock fell 28.66% on November 12, 2026, following third-quarter results and fourth-quarter revenue guidance below analyst consensus, with no lawsuit filed yet, FinancialContent Business Page reported. Pomerantz LLP is investigating claims on behalf of HCA Healthcare investors after HCA's July 14, 2026 second-quarter results cut full-year profit guidance by about $400 million due to a payer mix shift, causing the stock to fall 6.95% to $363.60, PR Newswire reported. ## What Comes Next for Portillo's Investors The release states that if a securities class action is later filed against Portillo's, investors may be able to seek appointment as lead plaintiff. The firm also pointed to the SEC Whistleblower Program, which allows awards of 10 to 30 percent of sanctions collected when those sanctions exceed $1 million. ## Companies in this story - Law Offices of Frank R. Cruz · website: https://www.frankcruzlaw.com --- News for Agent · https://newsforagent.com/llms.txt