Law Offices of Howard G. Smith announces that a class action lawsuit has
been filed on behalf of investors that purchased Wayfair Inc. (NYSE: W)
(“Wayfair” or the “Company”) securities between August 2, 2018
and October 31, 2018, inclusive (the “Class Period”). Wayfair
investors have until March 11, 2019 to file a lead plaintiff
On November 1, 2018, Wayfair issued a press release announcing a net
loss of $151.7 million ($1.69 per share) for the third quarter 2018,
compared to a net loss of $76.4 million (or $0.88 per share) for the
third quarter of 2017. The Company attributed the loss to a 43% increase
in advertising expenses. On this news, the price of Wayfair stock fell
more than $14 per share, or approximately 13%, to close at $96.16 per
share on November 1, 2018, thereby injuring investors.
The complaint filed in this class action alleges that during the Class
Period the Company made materially false and/or misleading statements
and/or failed to disclose that: (1) Wayfair had been experiencing
significantly diminished demand for its online product offerings and had
significantly increased advertising spending to grow sales; (2) Wayfair,
which was already more than one-third of the way into 3Q18 when it
announced its 2Q18 results on August 2, 2018, had already dramatically
increased advertising spending for 3Q18; and (3) as a result,
defendants’ statements about its business, operations, and prospects,
were materially false and misleading and/or lacked a reasonable basis at
all relevant times.
If you purchased shares of Wayfair, have information or would like to
learn more about these claims, or have any questions concerning this
announcement or your rights or interests with respect to these matters,
please contact Howard G. Smith, Esquire, of Law Offices of Howard G.
Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by
telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to email@example.com,
or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190117005188/en/