NEW YORK, Sept. 14, 2018 /CNW/ -- Pomerantz LLP is investigating claims on behalf of investors of Qurate Retail Group, Inc. ("Qurate" or the "Company") (NASDAQ: QRTEA). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 9980.
The investigation concerns whether Qurate and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On August 5, 2016, Qurate issued a press release announcing its financial and operating results for the second quarter of 2016. The press release disclosed that the Company faced "significant headwinds" and had experienced sales declines relative to prior periods. In an earnings call with investors, the Company further disclosed that "given heightened write-off risks, we chose to moderate our Easy Pay usage beginning in June, which puts some additional pressure on our sales." On this news, Qurate's stock price fell $5.69 per share, or 21.63%, to close at $20.61 per share on August 5, 2016.
Then, on September 8, 2016, Qurate revealed to investors that it expected to see "higher default rates" associated with sales through the Company's Easy Pay program. On this news, Qurate's stock price fell $1.87 per share, or 8.7%, to close at $19.59 on September 8, 2016.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, 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 80 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.
Robert S. Willoughby
888-476-6529 ext. 9980
SOURCE Pomerantz LLP