NEW YORK, March 5, 2019 /CNW/ -- Pomerantz LLP is investigating claims on behalf of investors of Weight Watchers International, Inc. ("Weight Watchers" or the "Company") (NASDAQ: WTW). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 9980.
The investigation concerns whether Weight Watchers and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On February 26, 2019, Weight Watchers issued a press release and conducted a conference call with investors and stock analysts disclosing the Company's financial and operating results for the fourth quarter and fiscal year 2018. Weight Watchers disclosed that its subscriber count had declined to 3.9 million describers, and stated that enrollment would continue declining during 2019. The Company stated that while January is typically the best time of the year for health-focused brands, January 2019 had been a "hard month" for Weight Watchers. Accordingly, Weight Watchers was targeting revenues of only $1.4 billion for fiscal year 2019, significantly less than the nearly $1.7 billion in revenues it had led the market to expect, and earnings per share ("EPS") of only $1.25 to $1.50, far lower than the EPS of $3.36 that the Company had previously led the market to expect.
Following these disclosures, Weight Watchers' stock price fell $10.20 per share, or nearly 35%, to close at $19.37 per share on February 27, 2019.
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
SOURCE Pomerantz LLP