NEW YORK, Oct. 22, 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 Southern District of New York on behalf of those who purchased shares of Wayfair, Inc. ("Wayfair" or the "Company") (NYSE: W), during the period between October 2, 2014 and August 31, 2015 inclusive. (the "Class Period").
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Overstock.com is a competitor; and (ii) as a result of the above, the Company's financial statements were materially false and misleading at all relevant times.
On August 31, 2015, Citron Research published a report entitled "Wayfair is the Most Mispriced Stock Citron Research Has Seen in Years." The Citron report stated, in part, that: (1) Wayfair had deliberately refused to acknowledge Overstock as a competitor in its SEC filings, despite the similarities between the two companies, because "if they acknowledge Overstock as a comp, it becomes apparent to all that Wayfair's stock is not worth more than $10 a share"; and (2) Wayfair's CEO Niraj Shah described the company as profitable "for the first nine years of this business" in an August 13, 2015 interview, when the company, per its S-1 filing, had $190 million in cumulative losses before going public, "and the number has done nothing but escalate."
Following this news, Wayfair stock has fallen as much as 4.52, or 10.7%, on intraday trading on August 31, 2015.
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 [email protected]. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. If you suffered a loss in Wayfair you have until October 23, 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
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