BENSALEM, Pa., Feb. 14, 2019 — Law Offices of Howard G. Smith reminds investors of the March 11, 2019 deadline to file a lead plaintiff motion in the class action filed on behalf of investors that purchased Wayfair Inc. (“Wayfair” or the “Company”) (NYSE: W) securities between August 2, 2018 and October 31, 2018, inclusive (the “Class Period”).
Investors suffering losses on their Wayfair investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to [email protected].
On November 1, 2018, Wayfair issued a press release announcing a net loss of $151.7 million ($1.69 per share) for the third quarter 2018, compared to a net loss of $76.4 million (or $0.88 per share) for the third quarter of 2017. The Company attributed the loss to a 43% increase in advertising expenses. On this news, the price of Wayfair stock fell more than $14 per share, or approximately 13%, to close at $96.16 per share on November 1, 2018, thereby injuring investors.
The complaint filed in this class action alleges that during the Class Period the Company made materially false and/or misleading statements and/or failed to disclose that: (1) Wayfair had been experiencing significantly diminished demand for its online product offerings and had significantly increased advertising spending to grow sales; (2) Wayfair, which was already more than one-third of the way into 3Q18 when it announced its 2Q18 results on August 2, 2018, had already dramatically increased advertising spending for 3Q18; and (3) as a result, defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
If you purchased shares of Wayfair during the Class Period you may move the Court no later than March 11, 2019 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to [email protected], or visit our website at www.howardsmithlaw.com.
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