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VROOM, INC. CLASS ACTION ALERT: Wolf Haldenstein Adler Freeman & Herz LLP notifies investors that a securities class action lawsuit has been filed in the United States District Court for the Southern District of New York against Vroom, Inc.

NEW YORK, April 01, 2021 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Hers LLP announces that a federal securities class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of persons and entities that purchased or otherwise acquired Vroom, Inc. (“Vroom” or the “Company”) (NASDAQ: VRM) securities between November 11, 2020 and March 3, 2021, inclusive (the “Class Period”).

All investors who purchased shares of Vroom, Inc. and incurred losses are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.

If you have incurred losses in the shares of Vroom, Inc. you may, no later than May 21, 2021, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in the shares of Vroom, Inc.

CLICK HERE TO JOIN CASE

The filed complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors:

  • that Vroom had not demonstrated that it was able to control and scale growth in respect to its salesforce to meet the demand for its products;

  • that, as a result, the Company was forced to discount aged inventory to move through its retail channels or liquidated in its wholesale channels;

  • that, as a result, the ecommerce gross profit per unit was reasonably likely to decline; and

  • that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

On March 3, 2021, after the market closed, Vroom announced its fourth quarter and full year 2020 financial results in a press release. Therein, the Company reported that fourth quarter “Ecommerce Vehicle gross profit per unit decreased 13.1% to $878, driven primarily by lower sales margins, partially offset by improvements in inbound logistics and reconditioning costs per unit.” Vroom also reported that for the fourth quarter, its “net loss increased 41.9% to $60.7 million.”

On this news, the Company’s stock price fell $12.29 per share, or 27.9%, to close at $31.61 per share on March 4, 2021.

Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.

If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.

Contact:

Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, kcooper@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.


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