FTCH INVESTOR ALERT: Edelson Lechtzin LLP Urges Farfetch Limited (NYSE: FTCH) Shareholders to Consult Counsel About the Pending Securities Fraud Class Action
NEWTOWN, PA, November 7, 2023 — The law firm of Edelson Lechtzin LLP is investigating securities fraud claims on behalf of all purchasers of Farfetch Limited (“Farfetch”) (NYSE: FTCH) common stock between March 9, 2023, and August 17, 2023, inclusive (the “Class Period”).
Investors who purchased Farfetch Limited common stock during the Class Period may move the U.S. District Court for the District of Maryland to appoint them as lead plaintiff, no later than December 19, 2023. Current holders of Farfetch stock may pursue corporate governance reforms. Please contact Edelson Lechtzin LLP at 844-696-7492 to discuss your investment losses, or by e-mail at [email protected]. A copy of the class action complaint can be viewed HERE.
Background on Farfetch Corporation
Farfetch is a global e-commerce platform that focuses on providing luxury fashion products. Headquartered in London, England, the company operates as a digital marketplace that offers products from hundreds of different brands and stores across the world.
The Securities Fraud Claims
The complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and/or omissions regarding Farfetch’s business, operations, and prospects, including that: (i) Farfetch was experiencing a significant slowdown in growth in the U.S. and China; (ii) Farfetch also faced onboarding challenges impacting the launch of its Reebok partnership; (iii) Farfetch downplayed the challenges it faced and/or overstated its ability to manage its supply chain and inventory; (iv) all the foregoing was having a significant negative impact on Farfetch’s revenue and GMV growth; (v) accordingly, Farfetch was unlikely to meet market expectations for its Q2 2023 financial results or its own FY 2023 revenue guidance.
On August 17, 2023, Farfetch reported its second quarter 2023 financial results with a revenue of $572 million, which was lower than the market consensus of $650.71 million. The full-year 2023 revenue forecast was updated to $2.5 billion, which was also lower than analyst estimates of $2.8 billion and the company’s prior forecast of $2.9 billion.
Then on August 18, 2023, numerous media reported that multiple analysts had downgraded Farfetch based on the Company’s second quarter 2023 results. On this news, Farfetch’s Class A stock price fell $2.15 per share, or 45.17%, to close at $2.61 per share on August 18, 2023.
For more information, please contact:
Marc H. Edelson, Esq.
Eric Lechtzin, Esq.
EDELSON LECHTZIN LLP
411 S. State Street, Suite N-300
Newtown, PA 18940
Phone: 844-696-7492 or 215-867-2399 ext. 1
Email: [email protected]
Email: [email protected]
Edelson Lechtzin LLP is a national class action law firm with offices in Pennsylvania and California. In addition to cases involving securities and investment fraud, our lawyers focus on class and collective litigation in cases alleging violations of the federal antitrust laws, employee benefit plans under ERISA, wage theft and unpaid overtime, consumer fraud, and dangerous and defective drugs and medical devices.
This press release may be considered Attorney Advertising in some jurisdictions. No class has been certified in this case, so you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. Your ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.