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Wayfair Inc (NYSE: W) Investor Securities Class Action Lawsuit 09/03/2015

  • If you purchased shares of Wayfair Inc (NYSE: W), you might have certain options and should 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 09/03/2015
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Southern District of New York

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

May 24, 2016 - The court granted defendants' motion to dismiss with prejudice.
February 25, 2016 - Defendants filed a motion to dismiss.

January 11, 2016 - The lead plaintiff filed an amended complaint.

November 13, 2015 - Lead plaintiff and lead counsel were appointed.

November 2, 2015 - Lead plaintiff motion was filed.

September 3, 2015 - An investor in shares of Wayfair Inc (NYSE: W) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Wayfair Inc in connection with certain allegedly false and misleading statements made between October 2, 2014 and August 31, 2015.

According to the complaint the plaintiff alleges on behalf of purchasers of Wayfair Inc (NYSE: W) common shares between October 2, 2014 and August 31, 2015, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between October 2, 2014 and August 31, 2015 defendants issued allegedly materially false and misleading statements to investors and/or failed to disclose that Overstock is a competitor and that as a result, Wayfair Inc’s public statements were materially false and misleading at all relevant times.

Wayfair Inc reported that its annual Total Revenue rose from $915.84 million in 2013 to over $1.31 billion in 2014 while its Net Loss increased from $15.53 million in 2013 to $148.10 million in 2014.

Shares of Wayfair Inc (NYSE: W) grew from $18.40 per share in January 2015 to as high as $56.33 per share on August 13, 2015.

On August 31, 2015, a report was published on Wayfair Inc (NYSE: W) asserting, among other things, that Wayfair Inc deliberately refused to acknowledge Overstock as a competitor in its SEC filings, despite similarities between the two companies, and that Wayfair Inc's CEO Niraj Shah stated in an August 13, 2015 interview that Wayfair Inc was profitable for the first nine years of this business even though Wayfair Inc’s S-1 filing indicates that it had $190 million in cumulative losses before going public.

Shares of Wayfair Inc (NYSE: W) declined to as low as $32.87 per share on September 2, 2015.