The Klein Law Firm announces that a class action complaint has been filed on behalf of Class A shareholders of Wayfair Inc. (NYSE: W) who purchased shares between August 2, 2018 and October 31, 2018. The action, which was filed in the United States District Court for the District of Massachusetts, alleges that the Company violated federal securities laws.
In particular, the complaint alleges that throughout the Class Period, defendants made materially false and/or misleading statements and/or failed to disclose that (1) Wayfair had been experiencing significantly diminished demand for its online product offerings and had significantly increased advertising spending to grow sales; (2) Wayfair, which was already more than one-third of the way into 3Q18 when it announced its 2Q18 results on August 2, 2018, had already dramatically increased advertising spending for 3Q18; and (3) as a result, defendants’ statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
Shareholders have until March 11, 2019 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
To learn more and keep informed, complete this form >