NEW YORK, Jan. 26, 2015 (GLOBE NEWSWIRE) -- Pomerantz LLP has filed a class action lawsuit against ChannelAdvisor Corporation ("ChannelAdvisor" or the "Company")(NYSE: ECOM ) and certain of its officers. The class action, filed in United States District Court, Southern District of New York, and docketed under 15-cv-00572, is on behalf of a class consisting of all persons or entities who purchased ChannelAdvisor securities between November 6, 2014 and January 12, 2015, inclusive (the "Class Period"). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the "Exchange Act").
If you are a shareholder who purchased ChannelAdvisor securities during the Class Period, you have until March 24, 2015 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com . To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, x237. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
ChannelAdvisor provides cloud-based e-commerce solutions that enable retailers and manufacturers to increase global sales. Through its software-as-a-service ("SaaS"), the Company helps with e-commerce optimization by providing technology and strategic services to allow retailers and branded manufacturers connect with consumers online.
The Complaint alleges that ChannelAdvisor and certain of its officers and directors issued materially false and misleading statements about the Company's true financial condition and prospects.
On January 12, 2015, ChannelAdvisor announced disappointing preliminary revenue results for the quarter ended December 31, 2014. The Company cited an unusual shift of gross merchandise volume to larger customers during the holiday season resulting in lower variable subscription revenue.
On this news, shares of ChannelAdvisor fell approximately $11.20 per share, or more than 53%, in morning trading on January 13, 2015.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and San Diego, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com .
Robert S. Willoughby Pomerantz LLP
