NEW YORK, Jan. 11, 2019 (GLOBE NEWSWIRE) -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Wayfair Inc. ("Wayfair" or the “Company") (NYSE: W) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired Wayfair Class A common stock during the period between August 2, 2018 and October 31, 2018 (the “Class Period”). Such investors are encouraged to join this case by visiting the firm’s site: www.bgandg.com/w .
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 misleading statements and/or failed to disclose material adverse information, including that Wayfair was experiencing significant drop in demand for its online product offerings and was increasing its advertising to boost sales. As a result of defendants’ false statements and/or omissions, Wayfair stock was artificially trading at more than $149 per share during the Class Period. While the stock was trading at this high price, some of its senior executives and directors cashed in and sold over $87.75 million of their personally held shares.
Later, on November 1, 2018, Wayfair announced its 2018 third quarter financial results, reporting a huge $151.7 million GAAP net loss for the quarter, or $(1.69) per share, compared with a GAAP loss of $76.4 million, or $(0.88) per share, for the third quarter of 2017. However in truth, advertising expenses jumped in the third quarter to over $202.5 million, a surge of 43%. Following this news, Wayfair common stock dropped over $14 per share, or roughly 13%, to close at $96.16 on November 1, 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/w 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 Wayfair you have until March 11, 2019 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
