Deadline Reminder: The Law Offices of Howard G. Smith Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Stamps.com, Inc.
BENSALEM, Pa., March 18, 2019 (GLOBE NEWSWIRE) --
Law Offices of Howard G. Smith reminds investors of the April 29, 2019 deadline to file a lead plaintiff motion in the class action filed on behalf of investors that purchased Stamps.com, Inc. (“Stamps.com” or the “Company”) (NASDAQ: STMP ) securities between May 3, 2017 and February 21, 2019, inclusive (the “Class Period”). Stamps.com investors have until April 29, 2019 to file a lead plaintiff motion.
Investors suffering losses on their Stamps.com 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 February 21, 2019, Stamps.com announced that its key partnership with the U.S. Postal Service ended. On an earnings call, Stamps.com’s chairman and Chief Executive Officer Kenneth Thomas McBride stated that, “We will no longer be exclusive to the USPS and that’s non-negotiable.” USPS-related business accounts for 87 percent of the Company’s revenue. The Company further announced that 2019 revenue was expected to decline 5.4%. On this news, the Company’s stock price fell $114.43, or nearly 58%, to close at $83.65 on February 22, 2019, thereby injuring investors.
The Complaint filed in this class action alleges that Defendants made materially false and misleading statements and/or failed to disclose that: (1) the Company’s financial results depended on the manipulation of a USPS program that cost USPS an estimated $235 million per year; and (2) as a result, the Company’s business was unsustainable and its financial results were highly misleading.
If you purchased shares of Stamps.com during the Class Period, you may move the Court no later than April 29, 2019 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you 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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