NEW YORK, Oct. 26, 2023 (GLOBE NEWSWIRE) — Gainey McKenna & Egleston announces that a securities class action lawsuit has been filed in the United States District Court for the District of Maryland on behalf of all persons or entities who purchased or otherwise acquired Farfetch Limited (“Farfetch” or the “Company”) (NYSE: FTCH) securities between March 9, 2023 and August 17, 2023, inclusive (the “Class Period”). The lawsuit seeks to recover damages for the Company’s investors under the federal securities laws.
The Complaint alleges that Defendants made false and/or misleading statements regarding the Company’s business, operations, and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose to investors that: (1) Farfetch was experiencing a significant slowdown in growth in the U.S. and China; (2) Farfetch also faced onboarding challenges impacting the launch of its Reebok partnership; (3) Farfetch downplayed challenges it faced with respect to, and/or overstated its ability to manage, its supply chain and inventory; (4) all the foregoing was having a significant negative impact on Farfetch’s revenue and GMV growth; (5) accordingly, Farfetch was unlikely to meet market expectations for its Q2 2023 financial results or its own FY 2023 revenue guidance; and (6) as a result, the Company’s public statements were materially false and misleading at all relevant times.
Investors who purchased or otherwise acquired shares of Farfetch should contact the Firm prior to the December 19, 2023 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail 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 firm.
