NEW YORK, Jan. 14, 2019 /PRNewswire/ -- Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, announces that a securities class action lawsuit has been filed on behalf of those who purchased or acquired the securities of Wayfair Inc. ("Wayfair" or the "Company") (NYSE: W) between August 2, 2018 and October 31, 2018, both dates inclusive (the "Class Period"). The lawsuit seeks to recover Wayfair shareholders' investment losses.
If you purchased Wayfair securities, and/or would like to discuss your legal rights and options, please visit Wayfair Shareholder Class Action Lawsuit or contact Daniel Sadeh toll free at (877) 779-1414 or [email protected].
According to the lawsuit, throughout the Class Period Defendants made false and/or misleading statements and/or failed to disclose that Wayfair had been experiencing significantly diminished demand for its online product offerings and had significantly increased advertising spending to grow sales. As a result of Defendants' false statements and/or omissions, the price of Wayfair stock was artificially inflated to more than $149 per share during the Class Period. Meanwhile, with the price of Wayfair common stock artificially inflated, certain of its senior executives and directors cashed in, selling more than $87.75 million worth of their personally held shares.
Then, on November 1, 2018, Wayfair announced its third quarter 2018 financial results. The Company reported a massive $151.7 million GAAP net loss for the quarter, or $(1.69) per share, compared with a GAAP loss of $76.4 million, or $(0.88) per share, for the third quarter of 2017. In reality, advertising expenses had skyrocketed in the third quarter of 2018 to more than $202.5 million, an increase of 43%.
On this news, Wayfair stock fell $14.13 per share, or over 12%, from its previous closing price to close at $96.16 per share on November 1, 2018, damaging investors.
If you wish to serve as lead plaintiff, you must move the Court no later than March 11, 2019. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased Wayfair securities, and/or would like to discuss your legal rights and options, please visit https://www.bernlieb.com/cases/wayfair-inc-w-lawsuit-class-action-fraud-stock-107/ or contact Daniel Sadeh toll free at (877) 779-1414 or [email protected].
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for ten consecutive years.
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SOURCE Bernstein Liebhard LLP