SAN DIEGO, Dec. 09, 2023 (GLOBE NEWSWIRE) — Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Farfetch Limited (NYSE: FTCH) securities between March 9, 2023 and August 17, 2023, all dates inclusive (the “Class Period”), have until December 19, 2023 to seek appointment as lead plaintiff of the Farfetch class action lawsuit. Captioned Ragan v. Farfetch Limited, No. 23-cv-02857 (D. Md.), the Farfetch class action lawsuit charges Farfetch as well as certain of its top current executive officers with violations of the Securities Exchange Act of 1934.
If you suffered substantial losses and wish to serve as lead plaintiff of the Farfetch class action lawsuit, please provide your information here:
https://www.rgrdlaw.com/cases-farfetch-limited-class-action-lawsuit-ftch.html
You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at jsanchez@rgrdlaw.com.
CASE ALLEGATIONS: Farfetch, together with its subsidiaries, operates a global platform for the luxury fashion industry.
The Farfetch class action lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) Farfetch was experiencing a significant slowdown in growth in the United States and China; (ii) Farfetch also faced onboarding challenges impacting the launch of its Reebok International Limited partnership; (iii) Farfetch downplayed challenges it faced with respect to, and/or overstated its ability to manage, its supply chain and inventory; (iv) all of the above was having a significant negative impact on Farfetch’s revenue and gross merchandise value (“GMV”) growth; and (v) as a result, Farfetch was unlikely to meet market expectations for its second quarter 2023 financial results or its own fiscal year 2023 revenue guidance.
The Farfetch class action lawsuit further alleges that on August 17, 2023, Farfetch reported second quarter 2023 revenue of approximately $572 million, significantly less than the market consensus of $650.71 million. According to the complaint, Farfetch also issued a fiscal year 2023 revenue forecast of approximately $2.5 billion, compared to the average analyst estimate of $2.8 billion and Farfetch’s prior fiscal year 2023 revenue forecast of $2.9 billion. Farfetch further disclosed that significant slowdowns in the United States and China, onboarding challenges affecting the launch of the Reebok partnership, and issues with inventory and shipping had negatively impacted Farfetch’s revenue and GMV for the quarter, the complaint further alleges. The Farfetch class action lawsuit alleges that following these developments, the price of Farfetch stock declined more than 45%.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any investor who purchased or acquired Farfetch securities during the Class Period to seek appointment as lead plaintiff of the Farfetch class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Farfetch class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Farfetch class action lawsuit. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff of the Farfetch class action lawsuit.
ABOUT ROBBINS GELLER: Robbins Geller is one of the world’s leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the most recent ISS Securities Class Action Services Top 50 Report for recovering more than $1.75 billion for investors in 2022 – the third year in a row Robbins Geller tops the list. And in those three years alone, Robbins Geller recovered nearly $5.3 billion for investors, more than double the amount recovered by any other plaintiffs’ firm. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig. Please visit the following page for more information:
https://www.rgrdlaw.com/services-litigation-securities-fraud.html
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Contact:
Robbins Geller Rudman & Dowd LLP
655 W. Broadway, Suite 1900, San Diego, CA 92101
J.C. Sanchez, 800-449-4900
jsanchez@rgrdlaw.com
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