NEW YORK, Feb. 12, 2019 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Wayfair Inc. (“Wayfair” or the “Company”) (NYSE: W ) of the March 11, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Wayfair stock or options between August 2, 2018 and October 31, 2018 and would like to discuss your legal rights, click here : www.faruqilaw.com/W. There is no cost or obligation to you.
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.
CONTACT:
FARUQI & FARUQI, LLP
685 Third Avenue, 26 th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
rgonnello@faruqilaw.com
Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the District of Massachusetts on behalf of all those who purchased Wayfair common stock between August 2, 2018 and October 31, 2018 (the “Class Period”). The case, Goodstein v. Wayfair Inc. et al., No. 19-cv-10062 was filed on January 10, 2019, and has been assigned to Judge Douglas P. Woodlock.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose: (1) that Wayfair had been experiencing significantly diminished demand for its online product offerings and had significantly increased advertising spending to grow sales; (2) that Wayfair, which was already more than one-third of the way into its third-quarter 2018 when its announced its second-quarter 2018 results on August 2, 2018, had already dramatically increased advertising spending for its third-quarter 2018; and (3) as a result, Defendants’ statements about Wayfair’s business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
Specifically, on November 1, 2018, before the open of trading, Wayfair issued a press release announcing its third-quarter 2018 financial results, revealing that it had suffered massive net losses for the quarter and predicting further losses in the fourth-quarter of 2018.
On this news, the Company’s stock price fell from $110.29 per share on October 31, 2018 to $96.16 per share on November 1, 2018—a $14.13 or 12.81% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Wayfair’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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