PHILADELPHIA, Nov. 18, 2019 (GLOBE NEWSWIRE) -- Kaskela Law LLC announces that a shareholder class action lawsuit has been filed against Farfetch Limited (FTCH) on behalf of investors who purchased or acquired the Company’s shares in connection with or following Farfetch’s September 2018 initial public offering (“IPO”) of shares.
Farfetch investors are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq.) at (888) 715 – 1740, or by email at email@example.com, to discuss this action and their legal rights and options. Additional information about this action may also be found at http://kaskelalaw.com/case/farfetch-limited/.
On or about September 21, 2018, Farfetch completed its IPO, selling over 44 million Class A shares to investors at $20.00 per share. According to the complaint, in connection with the IPO the defendants made a series of misleading statements about the Company’s growth potential, and the competitive advantages of Farfetch’s business model.
On August 8, 2019, Farfetch reported its second quarter 2019 financial results, including a loss of $89.6 million after taxes, as compared to a loss of $17.7 million the prior year. During a subsequent conference call, Farfetch blamed its disappointing quarterly results on competitive pressures from increased promotional pricing and discounting of luxury goods by competitors, despite previous touting of “barriers to entry” and Farfetch’s allegedly “superior” platform.
Following this news, the price of Farfetch Class A shares declined $8.12 per share, or more than 44%, to close at $10.13 per share on August 9, 2019.
Investors who purchased or acquired Farfetch’s shares in connection with or following the Company’s September 2018 IPO may, no later than November 18, 2019, seek to be appointed as a lead plaintiff representative in the action.
Farfetch investors are encouraged to contact Kaskela Law LLC to discuss this action and their legal rights and options. Kaskela Law LLC represents investors in securities fraud, corporate governance, and merger & acquisition litigation. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com.