Weight Watchers International, Inc. (NASDAQ: WTW)
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Hagens Berman Sobol Shapiro LLP reminds investors in Weight Watchers International, Inc. (NASDAQ: WTW) of the May 3, 2019 Lead Plaintiff deadline in the securities class action pending in the U.S. District Court for the Southern District of New York.
If you purchased or otherwise acquired shares of WTW between between May 4, 2018 and February 26, 2019 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 WTW@hbsslaw.com.
According to the complaint, during the class period Defendants misled investors by omitting to disclose that Weight Watchers was experiencing diminished subscriber demand attributable to the onslaught of new competing smartphone fitness apps, meal delivery services, and other tech advances that were driving down the Company’s new subscriber growth and subscriber retention rates.
On February 26, 2019, after the close of trading, Defendants announced disappointing financial results for the 2018 fourth quarter and fiscal year. In addition, Defendants slashed revenue guidance for the Company’s 2019 fiscal year.
This news drove the price of Weight Watchers shares down $10.20, or about 34%, to close at $19.37 on February 27, 2019.
“We’re focused on investors’ losses, certain insider trading, and whether Defendants’ statements may have misled investors,” said Hagens Berman partner Reed Kathrein.
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