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Stamps.com Inc. (NASDAQ: STMP) Investor Securities Class Action Lawsuit 02/28/2019

  • If you purchased shares of Stamps.com Inc. (NASDAQ: STMP), you may have certain options. Please contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
Stamps.com Inc.
Security

Case Name
Stamps.com Shareholder Class Action Lawsuit 02/28/2019
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Central District of California

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Summary

January 17, 2020 - The court denied the defendants' motion to dismiss.

October 4, 2019 - A motion to dismiss the consolidated complaint was filed.

August 5, 2019 - A consolidated complaint was filed.

February 28, 2019 - An investor in shares of Stamps.com Inc. (NASDAQ: STMP) filed a lawsuit in the U.S. District Court for the Central District of California over alleged violations of Federal Securities Laws by Stamps.com Inc. in connection with certain allegedly false and misleading statements made between May 3, 2017 and February 21, 2019.

El Segundo, CA based Stamps.com Inc. provides Internet-based mailing and shipping solutions in the United States. Stamps.com Inc. reported that its annual Total Revenue rose from $364.30 million in 2016 to $468.7 million in 2017 and that its Net Income increased from $75.22 million in 2016 to $150.6 million in 2017. Shares of Stamps.com Inc. (NASDAQ: STMP) reached as high as $285.75 per share in June 2018.

On February 21, 2019, Stamps.com Inc released its fourth quarter financial results. In a related conference call, Stamps.com’s CEO Kenneth Thomas McBride disclosed that Stamps.com Inc would no longer have an exclusive partnership with the United States Postal Service: “The USPS has not agreed to accept these terms or any other terms of our partnership proposal. So at this point we decided to discontinue our shipping partnership with the USPS so that we can fully embrace partnerships with other carriers who we think will be well-positioned to win in the shipping business in the next five years.” Shares of Stamps.com Inc. (NASDAQ: STMP) declined to as low as $82.40 per share on February 22, 2019. On February 26, 2019, NASDAQ: STMP shares closed at $97.23 per share.

According to the complaint the plaintiff alleges on behalf of purchasers of Stamps.com Inc. (NASDAQ: STMP) common shares between May 3, 2017 and February 21, 2019, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between May 3, 2017 and February 21, 2019, the Defendants made false and/or misleading statements and/or failed to disclose that the Company’s financial results depended on the manipulation of a USPS program that cost USPS an estimated $235 million per year, and that) as a result, the Company’s business was unsustainable and its financial results were highly misleading.