Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Vroom, Inc. (VRM)

THE ANGEL–(BUSINESS WIRE) – Glancy Prongay & Murray LLP (“GPM”) is reminding investors of the upcoming May 21, 2021 deadline to file a lead plaintiff motion in the class action lawsuit filed on behalf of investors represented by Vroom, Inc. (” Vroom “) or otherwise acquired” or the securities “Company”) (NASDAQ: VRM) between November 11, 2020 and March 3, 2021 inclusive (the “Class Period”).

If you have suffered a loss on your Vroom investment or would like to inquire about whether you may be able to make claims to recover your loss under federal securities laws, you can find your contact information at https://www.glancylaw.com/cases Submit / vroom-inc /. You can also contact Charles H. Linehan of GPM at 310-201-9150, toll free at 888-773-9224, or email [email protected] to learn more about your rights.

On March 3, 2021, after the market closed, Vroom announced its fourth quarter and full year 2020 financial results in a press release. In it, the company reported that unit gross profit for e-commerce vehicles decreased 13.1% to $ 878 in the fourth quarter, mainly due to lower sales margins, partly due to improvements in inbound logistics and overhaul costs were balanced per unit. “Vroom also reported that its for the fourth quarter[n]The loss increased 41.9% to $ 60.7 million. ”

In that news, the company’s share price fell $ 12.29 per share, or 27.9%, to close at $ 31.61 per share on March 4, 2021 in an unusually high trading volume.

The complaint filed in this class action alleges that throughout the collection period the defendants made materially false and / or misleading statements and did not disclose material adverse facts about the business, business and prospects of the company. Specifically, Defendants have failed to provide investors with the following: (1) Vroom had failed to demonstrate its ability to control and scale the growth of its sales force to meet demand for its products. (2) that the company was, as a result, forced to discount obsolete inventory to move through its retail channels or was liquidated through its wholesale channels; (3) As a result, it was reasonably likely that the e-commerce unit gross profit decreased. and (4) as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations and prospects were materially misleading and / or unfounded.

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If you have purchased or otherwise acquired Vroom securities during the class period, you may request the court to appoint you as the lead plaintiff in this alleged class action no later than May 21, 2021. To be a member of the class action, you do not need to take any action at this point. You can keep an attorney of your choice or you can take no action and remain an absent member of the class action. If you would like to learn more about this class action, or if you have any questions about this announcement or your rights or interests in relation to the pending class action, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, toll free at 888-773-9224, email [email protected], or visit our website at www.glancylaw.com. When inquiring by email, please include your postal address, telephone number and the number of shares purchased.

This press release may be viewed as a solicitor’s advertisement in some jurisdictions under applicable laws and ethical rules.

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