INVESTOR ALERT: Law Offices of Howard G. Smith Announces the Filing of a Securities Class Action on Behalf of Facebook, Inc. Investors
Sep. 12, 2018
BENSALEM, Pa.--(BUSINESS WIRE)--Sep 12, 2018--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors that purchased or otherwise acquired securities of Facebook, Inc. (“Facebook” or the “Company”) (NASDAQ: FB ) securities between April 26, 2018 and July 25, 2018, inclusive (the “Class Period”). Facebook investors have until September 25, 2018 to file a lead plaintiff motion.
Investors suffering losses on their Facebook investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to email@example.com.
On July 25, 2018, Facebook announced its financial and operating results for the second quarter of 2018. On a conference call discussing Facebook's financial outlook, 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.
The Complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the number of daily and monthly active Facebook users was declining; (ii) 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 (iii) as a result, Facebook's public statements were materially false and misleading at all relevant times.
If you purchased shares of Facebook, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at www.howardsmithlaw.com.
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View source version on businesswire.com:https://www.businesswire.com/news/home/20180912006137/en/
CONTACT: Law Offices of Howard G. Smith
Howard G. Smith, Esquire
KEYWORD: UNITED STATES NORTH AMERICA PENNSYLVANIA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES LEGAL
SOURCE: Law Offices of Howard G. Smith
Copyright Business Wire 2018.
PUB: 09/12/2018 07:33 PM/DISC: 09/12/2018 07:33 PM