Wayfair Inc. (NYSE: W)
Hagens Berman Sobol Shapiro LLP alerts investors in Wayfair Inc. (NYSE: W) to the March 11, 2019 Lead Plaintiff deadline in the securities class action pending in the U.S. District Court for the District of Massachusetts.
If you purchased or otherwise acquired shares of W between August 2, 2018 and October 31, 2018 and suffered losses contact Hagens Berman Sobol Shapiro LLP. For more information, contact Reed Kathrein, who is leading the firm's investigation, by calling 510-725-3000 or emailing Wayfair@hbsslaw.com.
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.
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