Robbins Arroyo LLP: Stamps.com, Inc. (STMP) Sued for Misleading Shareholders
SAN DIEGO & EL SEGUNDO, Calif.--(BUSINESS WIRE)--Mar 6, 2019--Shareholder rights law firm Robbins Arroyo LLP announces that purchasers of Stamps.com, Inc. (NASDAQ: STMP) filed a class action complaint against the company for alleged violations of the Securities and Exchange Act of 1934 between May 3, 2017 and February 21, 2019. Stamps.com is a provider of Internet-based mailing and shipping solutions in the United States.
View this information on the law firm’s Shareholder Rights Blog: https://www.robbinsarroyo.com/stamps/
Stamps.com Accused of Inflating Revenue and Growth
According to the complaint, Stamps.com repeatedly touted its strong financial results and relationship with USPS. Yet, despite previous claims that its relationship with the postal service was “continuing to be stronger and stronger” and financial forecasts that the company would continue to grow, Stamps.com inexplicably announced in a conference call that it would walk away from its relationship with USPS—despite the fact that USPS-related business accounts for 87% of its revenue. On this news, Stamps.com’s stock plummeted over 50% to close at $83.65 on February 21, 2019. On February 26, it was reported that USPS, not Stamps.com, had decided to terminate the relationship in face of the Stamp.com’s increasing demands and abuse of the USPS’ reseller program.
Stamps.com Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leo Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm’s website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
Attorney Advertising. Past results do not guarantee a similar outcome.
View source version on businesswire.com:https://www.businesswire.com/news/home/20190306005641/en/
CONTACT: Leo Kandinov
Robbins Arroyo LLP
5040 Shoreham Place
San Diego, CA 92122
(619) 525-3990 or Toll Free (800) 350-6003
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES LEGAL
SOURCE: Robbins Arroyo LLP
Copyright Business Wire 2019.
PUB: 03/06/2019 12:32 PM/DISC: 03/06/2019 12:33 PM