NEW YORK, NY --(Marketwired - September 03, 2015) - Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Wayfair Inc. ("Wayfair Inc." or the "Company") (
A lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of a class consisting of all persons or entities who purchased Wayfair securities between October 2, 2014 and August 31, 2015.
The complaint alleges that the Company and its executives violated federal securities laws by failing to disclose that Overstock.com Inc. is one of the Company's chief competitors. Specifically, on August 31, 2015, a report published by Citron Research asserted that the Company failed to list Overstock as a competitor in its SEC filings despite the similarities between the two companies.
After the report's publication, Wayfair's share price fell from an opening price of $41.79 per share on August 31, 2015, to a closing price of $37.30 per share -- a drop of $4.49 or over 10%.
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Take Action
If you invested in Wayfair stock or options between October 2, 2014 and August 31, 2015 and would like to discuss your legal rights, visit www.faruqilaw.com/W . You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com . Faruqi & Faruqi, LLP also encourages anyone with information regarding W's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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FARUQI & FARUQI, LLP 369 Lexington Avenue, 10th Floor New York, NY 10017 Attn: Richard Gonnello, Esq. Email contact Telephone: (877) 247-4292 or (212) 983-9330