NEW YORK, July 7, 2015 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC reminds investors that a securities class action has been filed in the United States District Court for the Eastern District of New York on behalf of those who purchased shares of ETSY, Inc. ("ETSY" or the "Company") (NasdaqGS: ETSY), during the period between April 16, 2015 and May 10, 2015 inclusive. (the "Class Period").
The Complaint 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) more than 5% of all merchandise for sale on Etsy's website were either counterfeit or constituted trademark or copyright infringement; (ii) Brands are increasingly pursuing sellers on Etsy's platform for trademark or copyright infringement, jeopardizing the Company's listing fees and commissions; and (iii) as a result of the foregoing, Etsy's public statements were materially false and misleading at all relevant times.
On May 11, 2015, a report in Associated Press stated that Wedbush Capital Partners analyst Gil Luria said that research indicates that as many as 2 million items on Etsy may potentially be either counterfeit or constitute trademark or copyright infringement. Additionally, "[i]f Etsy chooses to continue to ignore these potential violations, we believe it could tarnish its brand with both buyers and sellers," he wrote.
Following this news, shares of Etsy fell $1.86 or 8.19% to close at $20.85.
No Class has yet been certified in the above action. If you wish to review a copy of the Complaint, to discuss this action, or have any questions, please contact Peretz Bronstein, Esq. or his Investor Relations Coordinator Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email firstname.lastname@example.org. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. If you suffered a loss in ETSY you have until July 13, 2015 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Eitan Kimelman 212-697-6484
SOURCE Bronstein, Gewirtz & Grossman, LLC