July 11, 2019 - the case was dismissed.
An investor in shares of Netshoes (CAYMAN) Ltd (NYSE:NETS) filed a lawsuit over alleged violations of Securities Laws by Netshoes (CAYMAN) Ltd in connection with certain allegedly false and misleading statements made in connection with the company's April 12, 2017 initial public offering

Sao Paulo, Brazil based Netshoes (Cayman) Limited is a sports and lifestyle online retailer in Latin America. Netshoes (CAYMAN) Ltd went public in April 2017 and shares of Netshoes (CAYMAN) Ltd (NYSE:NETS) rose to $26..73 per share on May 24, 2017.

According to the complaint the plaintiff alleges, that the defendants violated Securities Laws. More specifically, the plaintiff claims that Netshoes represented in its registration statement in connection with the company's April 12, 2017 initial public offering that the company had significant market share in a large addressable market and highlighted customer loyalty, that Netshoes touted that it did not have a relevant direct competitor in the eCommerce sports category in the Latin American region.
The plaintiff claims that contrary to these representations, Netshoes faced intense competition in the sports, fashion, and beauty ecommerce market, which threatened its market share and profitability.

Shares of Netshoes (CAYMAN) Ltd (NYSE:NETS) declined to as low as $1.84 per share in July 2018.