Glancy Prongay & Murray LLP (GPM) announces that it has commenced an investigation on behalf of Qurate Retail, Inc. (Qurate or the Company) (NASDAQ: QRTEA) investors concerning the Company and its officers possible violations of federal securities laws.
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The investigation concerns whether Qurate misled investors regarding its financial performance for the period ended June 30, 2016, specifically the performance of the Companys rising bad debt expenses. On August 5, 2016, Qurate issued a press release announcing financial results for the second quarter ended June 30, 2016, and disclosed “significant headwinds” and sales declines at QVC, the Companys subsidiary, as compared to prior periods. Later that day, Qurate then disclosed “higher than expected write-offs on Easy Pay purchases from October and November of last year” and announced increased reserves for prior period purchases and a decision to moderate Easy-Pay usage. On this news, Qurate shares fell $5.69, or over 21%, to close at $20.61 on August 5, 2016, thereby injuring investors.
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If you purchased Qurate securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected], or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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