Glancy Prongay & Murray LLP (GPM) reminds investors of the September 25, 2018 deadline to file a lead plaintiff motion in the class action filed on behalf of investors that purchased Facebook, Inc. (Facebook or the Company) (NASDAQ: FB) securities between October 1, 2017 and July 26, 2018, inclusive (the Class Period).
If you are a shareholder who suffered a loss, click here to participate.
On July 25, 2018, Facebook announced its financial and operating results for the second quarter of 2018. On a conference call discussing Facebook’s financial outlook, chief financial officer David M. Wehner stated that Facebook expected its revenue growth to slow and its operating margins to fall, stating that Facebook “expect[s] currency to be a slight headwind in the second half versus the tailwinds we have experienced over the last several quarters” and that the Company “plan[s] to grow and promote certain engaging experiences like Stories that currently have lower levels of monetization.” On this news, Facebook’s share price fell $41.24, or 18.96%, to close at $176.26 on July 26, 2018.
The Complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the number of daily and monthly active Facebook users was declining; (ii) due to unfavorable currency conditions and plans to promote and grow features of Facebook’s social media platform with historically lower levels of monetization, such as Stories, Facebook anticipated its revenue growth to slow and its operating margins to fall; and (iii) as a result, Facebook’s public statements were materially false and misleading at all relevant times.
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If you purchased shares Facebook during the Class Period you may move the Court no later than September 25, 2018 to ask the Court to appoint you as lead. 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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