NEW YORK, Aug. 01, 2018 (GLOBE NEWSWIRE) -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Facebook, Inc. (“Facebook” or the “Company”) (NASDAQ: FB) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired Facebook securities between April 26, 2018, and July 25, 2018, (the “Class Period”). Such investors are encouraged to join this case by visiting the firm’s site: www.bgandg.com/fb .
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 Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and/or failed to disclose that: (1) the number of daily and monthly active Facebook users was declining; (2) due to unfavorable currency conditions and plans to promote and grow features of Facebook’s social media platform with historically lower levels of monetization, such as Stories, Facebook anticipated its revenue growth to slow and its operating margins to fall; and (3) consequently, Facebook’s public statements were materially false and misleading at all relevant times.
On July 25, 2018, post-market, Facebook announced its financial and operating results for the second quarter of 2018. The Company reported revenues and numbers of daily and monthly active users that fell short of market expectations. On a conference call discussing Facebook’s financial outlook, Company’s chief financial officer David M. Wehner stated that Facebook expected its revenue growth to slow and its operating margins to fall, stating that Facebook “expect[s] currency to be a slight headwind in the second half versus the tailwinds we have experienced over the last several quarters” and that the Company “plan[s] to grow and promote certain engaging experiences like Stories that currently have lower levels of monetization.” On this news, Facebook’s share price fell $41.24, or 18.96%, to close at $176.26 on July 26, 2018.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm’s site: www.bgandg.com/fb or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Facebook you have until September 25, 2018 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact: Bronstein, Gewirtz & Grossman, LLC Peretz Bronstein or Yael Hurwitz 212-697-6484 | info@bgandg.com
