Scott+Scott Attorneys at Law LLP Announces the Filing of Securities Class Actions Against Farfetch Limited (FTCH)
Tuesday, September 24, 2019 1:20:00 PM ET
NEW YORK--(BUSINESS WIRE)--Scott+Scott Attorneys at Law LLP (“Scott+Scott”), an international shareholder and consumer rights litigation firm, announces that class action lawsuits have been filed against Farfetch Limited (“Farfetch” or the “Company”) (NYSE: FTCH) and certain of its officers and directors, alleging violations of federal securities laws. If you purchased Farfetch stock in the Company’s September 2018 initial public offering (“IPO”), or between September 21, 2018 and August 8, 2019, you are encouraged to contact Scott+Scott attorney Joe Pettigrew at (844) 818-6982 for more information. The lead plaintiff deadline is November 18, 2019.
The lawsuits allege that Defendants misled investors by failing to disclose material facts about Farfetch’s business, operations, and prospects. Specifically: (1) the Company’s core business was vulnerable to pricing volatility and heavy promotions of luxury goods; (2) the Company would refuse to reduce merchandise prices to match the rest of the market; (3) this sub-optimal pricing strategy rendered the Company’s platform highly susceptible to underpricing by competitors; and (4) as a result, the Company’s past and projected Platform gross merchandise value (“GMV”) rates were foreseeably unsustainable. On August 8, 2019, Farfetch announced second quarter results, including a net loss of $86.9 million for the second quarter of 2019, a 406.9% increase over the prior year period, reduced Platform GMV guidance, and the resignation of its Chief Operating Officer, effective in 2020.
On this news, the Company’s share price fell over 44%, from a close price of $18.25 per share on August 8, 2019, to close at $10.13 per share on August 9, 2019.
What You Can Do
If you purchased Farfetch stock between September 21, 2018 and August 8, 2019, inclusive, or if you have questions about this notice or your legal rights, you are encouraged to contact attorney Joe Pettigrew at (844) 818-6982, or at firstname.lastname@example.org , or visit the Farfetch page on our website https://scott-scott.com/case/farfetch-limited/ .
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Amsterdam, Connecticut, California, and Ohio.
Scott+Scott Attorneys at Law LLP
230 Park Ave, 17th Floor, NY, NY 10169
Source: Scott+Scott Attorneys at Law LLP