Lawsuit Overview
May 15, 2018 - The U.S. Court of Appeals for the Second Circuit adjudged and decreed that the judgement of the district court is affirmed.
April 21, 2017 - The lead plaintiff filed a notice of appeal.
March 16, 2017 - The court granted defendants' motion to dismiss and closed the case.
April 5, 2016 - Defendants filed a motion to dismiss.
January 21, 2016 - The lead plaintiff filed an amended complaint on behalf of investors who purchased Etsy Inc (NASDAQ: ETSY) common shares between April 16, 2015 and August 4, 2015. The lead plaintiff alleges that the defendants violated the Securities Act of 1933 and the Securities Exchange Act of 1934 by issuing false and misleading statements between April 16, 2015 and August 4, 2015.
October 22, 2016 - Lead plaintiff and lead counsel were appointed.
July 13, 2015 - Lead plaintiff motions were filed.
May 13, 2015 - An investor in shares of Etsy Inc (NASDAQ: ETSY) filed a lawsuit in the U.S. District Court for the Eastern District of New York over alleged violations of Federal Securities Laws by Etsy Inc in connection with certain allegedly false and misleading statements made between April 16, 2015 and May 10, 2015.
According to the complaint the plaintiff alleges on behalf of purchasers of Etsy Inc (NASDAQ: ETSY) common shares between April 16, 2015 and May 10, 2015, that the defendants violated Federal Securities Laws.
More specifically, the plaintiff claims that between April 16, 2015 and May 10, 2015 defendants made false and/or misleading statements and/or failed to disclose that more than 5% of all merchandise for sale on Etsy's website were either counterfeit or constituted trademark or copyright infringement, that Brands are increasingly pursuing sellers on Etsy Inc's platform for trademark or copyright infringement, jeopardizing Etsy Inc's listing fees and commissions, and that as a result of the foregoing, Etsy Inc's public statements were materially false and misleading at all relevant times.
Etsy Inc reported that its annual Total Revenue rose from $125.02 million in 2013 to $195.59 million in 2014 while its Net Loss increased from $0.80 million in 2013 to $15.24 million in 2014.
Etsy Inc went public in April 2015 and shares of Etsy Inc (NASDAQ: ETSY) traded as high as $35.74 per share on April16, 2015.
Then on May 11, 2015 a report was published that alleged that Etsy Inc may have counterfeit and infringement problems that eclipse those of other e-commerce giants. Specifically, an analyst report concluded that as many as 2 million items on Etsy Inc may potentially be either counterfeit or constitute trademark or copyright infringement.
Shares of Etsy Inc (NASDAQ: ETSY) declined on May 13, 2015 to as low as $19.50 per share.