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SAN FRANCISCO, Feb. 04, 2019 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP reminds investors in Wayfair Inc. (NYSE: W) of the March 11, 2019 Lead Plaintiff deadline in the pending securities class action. If you purchased or otherwise acquired Wayfair securities between August 2, 2018 and October 31, 2018 (the “class period”) and suffered losses contact Hagens Berman Sobol Shapiro LLP. For more information visit:
or contact Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000 or emailing
The complaint alleges that, throughout the class period, Defendants made false and misleading statements and/or did not disclose adverse information about Wayfair’s business, including that it experienced (a) significant diminished demand for its online product offerings, and (b) significant increased advertising spending.
Moreover, during the class period certain Defendants sold company stock worth millions of dollars.
Then, on November 1, 2018, Defendants announced a massive $151.7 million GAAP net loss for Wayfair’s 2018 third quarter and blamed the disappointing financial results in part on skyrocketing advertising expenses.
This news drove the price of Wayfair shares down $14.13, or about 13%, to close at $96.16 that day.
“We’re focused on investors’ losses, the extent to which management’s statements about Wayfair’s advertising strategies and positioning to take market share may have been misleading, and whether insiders’ sales were improper,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding Wayfair 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 Wayfair@hbsslaw.com.
About Hagens Berman
Hagens Berman is a national investor-rights law firm headquartered in Seattle, Washington with 80+ attorneys in 10 offices across the country. The Firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes can be found at www.hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Reed Kathrein, 510-725-3000