Law Offices of Howard G. Smith Announces the Filing of a Securities Class Action on Behalf of Wayfair Inc. Investors (W)
BENSALEM, Pa.--(BUSINESS WIRE)--Jan 17, 2019--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors that purchased Wayfair Inc. (NYSE: W ) (“Wayfair” or the “Company”) securities between August 2, 2018 and October 31, 2018, inclusive (the “Class Period”). Wayfair investors have until March 11, 2019 to file a lead plaintiff motion.
On November 1, 2018, Wayfair issued a press release announcing a net loss of $151.7 million ($1.69 per share) for the third quarter 2018, compared to a net loss of $76.4 million (or $0.88 per share) for the third quarter of 2017. The Company attributed the loss to a 43% increase in advertising expenses. On this news, the price of Wayfair stock fell more than $14 per share, or approximately 13%, to close at $96.16 per share on November 1, 2018, thereby injuring investors.
The complaint filed in this class action alleges that during the Class Period the Company made materially false and/or misleading statements and/or failed to disclose that: (1) Wayfair had been experiencing significantly diminished demand for its online product offerings and had significantly increased advertising spending to grow sales; (2) Wayfair, which was already more than one-third of the way into 3Q18 when it announced its 2Q18 results on August 2, 2018, had already dramatically increased advertising spending for 3Q18; and (3) as a result, defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
If you purchased shares of Wayfair, 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 email@example.com, or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com:https://www.businesswire.com/news/home/20190117005188/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 2019.
PUB: 01/17/2019 07:30 AM/DISC: 01/17/2019 07:31 AM