NEW YORK, May 20, 2021 (GLOBE NEWSWIRE) – Gainey McKenna & Egleston announces a class action lawsuit has been filed in the US District Court for the Northern District against ContextLogic Inc. (“ContextLogic”) (NASDAQ: WISH) of California on behalf those who: (1) purchased or otherwise acquired publicly traded ContextLogic securities between December 16, 2020 and May 12, 2021 inclusive (the “Class Period”); and / or (2) ContextLogic common stock purchased or otherwise acquired in accordance with the offering documents issued and / or traceable in connection with the Company’s initial public offering on or about December 16, 2020 (“Initial Public Offering” or “Offering”) .
The Complaint alleges that the Offer Documents and Defendants made false and / or misleading statements and / or failed to disclose that: (1) The Company’s Monthly Active Users (“MAUs”) decreased significantly in the fourth quarter of 2020 and then did not grow; and (2) as a result of the foregoing, Defendants have materially overstated the Company’s business metrics and financial prospects. When the real details hit the market, the lawsuit alleged that investors suffered damage.
Investors who have purchased or otherwise acquired ContextLogic stock during the class period should contact the company before July 16, 2021 Deadline for the main plaintiff’s motion. A lead plaintiff is a representative party who acts on behalf of other class members in directing the dispute. If you would like to discuss your rights or interests in relation to this class action lawsuit, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. from Gainey McKenna & Egleston at (212) 983-1300 or by email at tjmckenna@gme-law.com or Gegleston@gme-law.com.
Please visit our website at http://www.gme-law.com for more information about the company.
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