NEW YORK, May 22, 2015 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Etsy, Inc. ("Etsy" or the "Company") (NASDAQ: ETSY) of the July 13, 2015 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against Etsy and certain officers of the Company.
A complaint has been filed in the United States District Court for the Eastern District of New York on behalf of all persons who purchased or otherwise acquired Etsy securities between April 16, 2015 and May 10, 2015 (the "Class Period").
The complaint alleges that the Company and its executives violated federal securities laws with respect to its statements concerning its business, operations, and prospects.
Specifically, the action alleges that during the Class Period, Etsy made false and misleading statements and/or failed to disclose that: (i) over 5% of all merchandise for sale on the Company's website may be either counterfeit or constitute trademark or copyright infringement; and (ii) brands are increasingly pursuing sellers on Etsy over trademark or copyright infringement, jeopardizing the Company's listing fees and commissions.
On May 11, 2015, several news outlets reported that Gil Luria, an equity analyst at Wedbush Securities, issued a note downgrading Etsy to "Underperform" and alleged that over 5% of merchandise sold on Etsy was either counterfeit or was violating trademark or copyright infringement.
Following this news, the price of the Company's stock declined by $1.86 per share, or over 8%, to close on May 11, 2015 at $20.85 per share.
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Take Action If you invested in Etsy securities during the Class Period and would like to discuss your legal rights, visit www.faruqilaw.com/ETSY. 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 firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding the Company's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Faruqi & Faruqi, LLP is a national law firm which represents investors and individuals in class action litigation. The firm is focused on providing exemplary legal services in complex litigation in the areas of securities, shareholder, antitrust and consumer litigation, throughout all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm's clients. To keep track of the latest securities litigation news, follow us on Twitter at www.twitter.com/MergerActivity or on Facebook at www.facebook.com/FaruqiLaw.
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