Glancy Prongay & Murray LLP (GPM), a global investors rights law firm, announces that a class action lawsuit has been filed on behalf of investors that purchased or otherwise acquired Wayfair Inc. (NYSE: W) (Wayfair or the Company) securities between August 2, 2018 and October 31, 2018, inclusive (the Class Period). Wayfair investors have until March 11, 2019 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
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.
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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. 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 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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