SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Wayfair, Inc. â€“ W
NEW YORK, NY / CRWEPRESSRELEASE / August 31, 2015 /Pomerantz LLP is investigating claims on behalf of investors of Wayfair, Inc. (“Wayfair” or the “Company”) (NYSE: W). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 237.
The investigation concerns whether Wayfair and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On August 31, 2015, Citron Research published a report entitled “Wayfair is the Most Mispriced Stock Citron Research Has Seen in Years.” The Citron report stated, in part, that: (1) Wayfair had deliberately refused to acknowledge Overstock as a competitor in its SEC filings, despite the similarities between the two companies, because “if they acknowledge Overstock as a comp, it becomes apparent to all that Wayfair’s stock is not worth more than $10 a share”; and (2) Wayfair’s CEO Niraj Shah described the company as profitable “for the first nine years of this business” in an August 13, 2015 interview, when the company, per its S-1 filing, had $190 million in cumulative losses before going public, “and the number has done nothing but escalate.”
On this news, Wayfair stock has fallen as much as 4.52, or 10.7%, on intraday trading on August 31, 2015.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Florida, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
SOURCE: Pomerantz LLP