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SAN FRANCISCO, Oct. 23, 2019 (GLOBE NEWSWIRE) -- Hagens Berman reminds investors in Farfetch (FTCH) of the federal securities class action filed against the company and urges FTCH investors who have suffered losses in excess of $50,000 to contact the firm.
FTCH Securities Class Action:
According to the Complaint, Defendants concealed that Farfetch’s core business was vulnerable to heavy promotions of luxury goods and the Company’s profitability depended on aggressive acquisitions. The market learned the truth on August 8, 2019, when Farfetch announced disappointing 2Q 2019 financial results, including rising costs due to “very, very heavy promotions” and a $675 million acquisition of New Guards Group. Farfetch also disclosed that its COO had resigned. In response, the price of Farfetch shares crashed 44% over the course of a single trading day.
If you invested in Farfetch between Sept. 18, 2018 and Sept. 17, 2019 and suffered significant losses (in excess of $50,000), you may qualify to be a lead plaintiff – one who selects and oversees the attorneys prosecuting the case. Contact Hagens Berman immediately to obtain additional information about this case or being a lead plaintiff.
“We are focused on investors’ losses and whether Farfetch misrepresented the sustainability of its business model,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding Farfetch should consider their options to help in the investigation or take advantage of the SEC whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email FTCH@hbsslaw.com.
About Hagens Berman
Hagens Berman is a national law firm with nine offices in eight cities around the country and eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Reed Kathrein, 510-725-3000