Wolf Haldenstein Adler Freeman & Herz LLP reminds investors that a securities class action lawsuit has been filed in the United States District Court for the Northern District of California against ContextLogic Inc.
NEW YORK, May 26, 2021 / PRNewswire / – Wolf Haldenstein Adler Freeman & Herz LLP announces that a US federal class action lawsuit has been filed The United States District Court for the Northern District of California on behalf of investors who have purchased common stock of ContextLogic Inc. (“ContextLogic” or the “Company”) (NASDAQ: WISH):
- between December 16, 2020 and May 12, 2021including (the “Class Period”); and or
- in accordance with or traceable to the registration statement and prospectus published in connection with the company’s initial public offering conducted on or around the company December 16, 2020 (the “IPO” or “Offering”).
All investors who have purchased ContextLogic Inc. stock and have suffered losses are encouraged to contact the company immediately [email protected] or (800) 575-0735 or (212) 545-4774. For more information on the action, please contact or join the case on our website www.whafh.com.
If you have suffered losses on your investment in ContextLogic Inc. stock, you can do so by no later than July 16, 2021, ask the court to appoint you as the lead plaintiff of the proposed class. Please contact Wolf Haldenstein Learn more about your rights as an investor in ContextLogic Inc.
CLICK HERE TO JOIN CASE
in the December 2020ContextLogic completed its initial public offering (“IPO”) that sold 46 million shares $ 24 per share.
The complaint filed alleges that throughout the classroom, defendants made materially false and / or misleading statements and did not disclose material adverse facts about the company’s business, operations and prospects. In particular, the defendants have not notified investors that:
- ContextLogic’s MAUs for Q4 2020 had decreased significantly and were not growing at the time. and
- As a result of the foregoing, Defendants have significantly overstated the company’s business metrics and financial prospects.
On March 8, 2021ContextLogic announced its fourth quarter and fiscal 2020 financial results for the period just ended December 31, 2020and reveal that at the time of his December 2020 Its IPO, ContextLogic’s Monthly Active Users (“MAUs”), was already down 10% year-over-year in the fourth quarter to 104 million, mostly in some emerging markets outside of Europe and North America Wish put a temporary emphasis on promotion and customer acquisition as the company tackled the logistical challenges it faced earlier in the year. “
In the news, ContextLogic’s common stock price fell $ 1.83, more than 10% to close at $ 15.94 per share on March 8, 2021.
On May 12, 2021ContextLogic reported on its financial results for the first quarter of 2021, announcing that MAUs were down a further 7% to just 101 million. In the news, ContextLogic’s share price fell $ 3.36 per share, or about 29% to close at $ 8.11 per share on May 12, 2021well below the IPO price of $ 24 per share.
Wolf Haldenstein has extensive experience prosecuting class and derivative disputes in state and federal courts and appeals courts across the country. The firm has lawyers in various fields of activity; and offices in new York, Chicago and San Diego. This firm’s reputation and expertise in shareholder and other class disputes has been recognized repeatedly by the courts who have appointed them to key positions in complex securities, multi-district and consolidated litigation.
If you would like to discuss this action or have questions about your rights and interests in this case, please contact us immediately Wolf Haldenstein by phone at (800) 575-0735, by email at [email protected]or visit our website.
Wolf Haldenstein Adler Freeman & Heart LLP
Patrick Donovan, Esq.
Gregory Stone, Director of Case and Financial Analysis
E-mail: [email protected], [email protected] or [email protected]
Tel .: (800) 575-0735 or (212) 545-4774
This press release may be viewed as a solicitor’s advertisement in some jurisdictions under applicable laws and ethical rules.
SOURCE Wolf Haldenstein Adler Freeman & Heart LLP