NEW YORK--(BUSINESS WIRE)--
Scott+Scott Attorneys at Law LLP (“Scott+Scott”), a national securities and consumer rights litigation firm, reminds investors of pending class action lawsuits against Stamps.com, Inc. (“Stamps.com” or the “Company”) (STMP) and certain of its executives, related to alleged violations of federal securities laws. If you purchased Stamps.com stock between May 3, 2017 and February 21, 2019, you are encouraged to contact a Scott+Scott attorney at (844) 818-6982 for more information.
Stamps.com is a provider of Internet-based mailing and shipping solutions in the United States.
Lawsuits allege that defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company’s financial results depended on the manipulation of a United States Postal Service (“USPS”) program that cost USPS an estimated $235 million per year; and (ii) as a result, the Company’s business was unsustainable and its financial results were highly misleading.
On February 21, 2019, after the market closed, Stamps.com held a conference call to discuss its financial results from the 4th quarter of 2018 and fiscal year 2018. On the call, the Company’s Chairman and Chief Executive Officer Kenneth McBride stated that the Company was discontinuing its shipping partnership with USPS despite the fact that USPS-related business accounts for 87 percent of the Company’s revenue. The Company further announced that 2019 revenue was expected to decline 5.4%.
On this news, Stamps.com’s stock plummeted to a close price of $83.65 on February 21, 2019, a decline of over 57% from the previous close price of $198.08.
What You Can Do
If you purchased Stamps.com stock between February 26, 2018 and February 21, 2019, inclusive, or if you have questions about this notice or your legal rights, please contact attorney Joe Pettigrew at (844) 818-6982, or at firstname.lastname@example.org. The lead plaintiff deadline is April 29, 2019.
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.