NEW YORK, Jan. 11, 2019 /CNW/ -- 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 [email protected] or 888-476-6529, ext. 9980.
The investigation concerns whether Wayfair and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On November 1, 2018, Wayfair issued a press release announcing its financial results for the third quarter of 2018. The Company reported a net loss of $151.7 million under Generally Accepted Accounting Principles ("GAAP"), or a net loss of $1.69 per share, compared with a GAAP loss of $76.4 million, or $0.88 per share, for the third quarter of 2017. The loss was attributed to an increase of 43% in advertising expenses, to over $202.5 million for the quarter.
On this news, the price of Wayfair common stock declined more than $14 per share, or approximately 13%, to close at $96.16 per share on November 1, 2018.
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