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Wayfair Inc. (NYSE: W) Investor Securities Class Action Lawsuit 01/10/2019

  • If you purchased shares of Wayfair Inc. (NYSE: W), 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

Case Dismissed
Company
Wayfair Inc
Security
NYSE: W

Case Name
Wayfair Shareholder Class Action Lawsuit 01/10/2019
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the District of Massachusetts

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

July 8, 2019 - The court granted the defendants' motion to dismiss.

August 30, 2019 - A motion to dismiss the consolidated complaint was filed.

July 1, 2019 - A consolidated complaint was filed.

January 10, 2019 - An investor in shares of Wayfair Inc. (NYSE: W) filed a lawsuit in the U.S. District Court for the District of Massachusetts over alleged violations of Federal Securities Laws by Wayfair Inc. in connection with certain allegedly false and misleading statements made between August 2, 2018 and October 31, 2018.

Boston, MA based Wayfair Inc. engages in the e-commerce business in the United States, Europe, and internationally. Wayfair Inc. reported that its annual Total Revenue rose from over $3.38 billion in 2016 to over $4.72 billion in 2017 and that its Net Loss increased from $194.37 million in 2016 to $244.61 million in 2017.

On November 1, 2018, Wayfair Inc. announced its third quarter 2018 financial results. The Company reported a $151.7 million net loss for the quarter under Generally Accepted Accounting Principles ( GAAP ), or $1.69 a share, compared with a GAAP loss of $76.4 million, or 88 cents a share, for the third quarter 2017. Shares declined from $151.20 per share on September 14, 2018 to as low as $85.41 per share on November 15, 2018.

According to the complaint the plaintiff alleges on behalf of purchasers of Wayfair Inc. (NYSE: W) common shares between August 2, 2018 and October 31, 2018, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between August 2, 2018 and October 31, 2018, the defendants made false and misleading statements and/or failed to disclose adverse information regarding Wayfair’s business and prospects, including that Wayfair had been experiencing significantly diminished demand for its online product offerings and had significantly increased advertising spending to grow sales, and that as a result of defendants’ allegedly false statements and/or omissions, the price of Wayfair stock was artificially inflated to more than $149 per share between August 2, 2018 and October 31, 2018, and that meanwhile, with the price of Wayfair common stock artificially inflated, certain of its senior executives and directors cashed in, selling more than $87.75 million worth of their personally held shares.