LOS ANGELES, April 6, 2021 /PRNewswire/ -- The Schall Law Firm, a national shareholder rights litigation firm, reminds investors of a class action lawsuit against Vroom, Inc. ("Vroom" or "the Company") (NASDAQ: VRM) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
Investors who purchased the Company's securities between June 9, 2020 and March 3, 2021, inclusive (the ''Class Period''), are encouraged to contact the firm before May 21, 2021.
We also encourage you to contact Brian Schall of the Schall Law Firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at [email protected].
The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
According to the Complaint, the Company made false and misleading statements to the market. Vroom failed to demonstrate any ability to control and scale its salesforce to meet the demand for its products. The Company discounted aged inventory to sell through the retail channel and liquidated product through wholesale channels. As a result, the Company's gross profit per unit was likely to decline. Based on these facts, the Company's public statements were false and materially misleading. When the market learned the truth about Vroom, investors suffered damages.