Weight Watchers International
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Case Summary | |
Company Name: | Weight Watchers International |
Stock Symbol : | NASDAQ: WTW |
Class Period Start: | 05/04/2018 |
Class Period End: | 02/26/2019 |
Lead Plaintiff motion: | 05/03/2019 |
Date Filed: | 03/04/2019 |
Type of Case: | Securities Class Action |
Court: | U.S. District Court for the Southern District of New York |
Summary: | Thieler Law Corp advises investors with losses exceeding $100,000 of the May 3, 2019 lead plaintiff deadline in a class action lawsuit filed against Weight Watchers International, Inc. (NASDAQ: WTW) (“Weight Watchers” or “the Company”). The suit is pending in the U.S. District Court for the Southern District of New York and investors, who purchased Weight Watchers International securities between May 4, 2018 and February 26, 2019, have until May 3, 2019 to move for lead plaintiff. You do not need to move for lead plaintiff to be a member of the Class. If you purchased Weight Watchers International securities during the Class Period, and have losses over $100,000, you may contact Thieler Law Corp by calling at (619) 377 - 4324 or emailing mail@thielerlaw.com . No class has been certified in this case, and if your losses are less than $100,000 you are still a member of the class. The complaint alleges that during the Class Period defendants made false and misleading statements and/or allegedly failed to disclose that Weight Watchers was experiencing diminished subscriber demand attributable to the onslaught of new competing smartphone fitness apps, meal-delivery services, and other tech advances that were driving down Weight Watchers' new subscriber growth and its subscriber retention rates; diminished subscriber growth, when coupled with a much larger number of fourth quarter subscription lapses than Weight Watchers typically experienced, made it highly unlikely that the Company would retain four million subscribers by the end of 2018; Weight Watchers was not on track to grow its subscriber count to five million or to drive annual revenues to more than $2 billion by the end of 2020; a decreased subscriber count would result in decreased revenues and profits; and consequently, Weight Watchers stock was artificially inflated to over $103 per share during the Class Period. On February 26, 2019, the Company revealed its financial and operating results for the fourth quarter and fiscal year 2018. Weight Watchers revealed that its subscriber count had declined to 3.9 million describers, and stated that enrollment would continue declining during 2019. Specifically, Weight Watchers was targeting revenues of only $1.4 billion for fiscal year 2019, significantly less than the nearly $1.7 billion in revenues it had led the market to expect, and earnings per share ("EPS") of only $1.25 to $1.50, far lower than the EPS of $3.36 that the Company had previously led the market to expect. Following this news, NASDAQ: WTW fell $10.20 per share, or nearly 35%, to close at $19.37 per share on February 27, 2019. If you were negatively impacted by your investment in Weight Watchers International securities between May 4, 2018 and February 26, 2019 and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, please contact us for your no-cost evaluation. Thieler Law Corp purchases advertisements on search engines, social media sites and other websites. If you send us information, note that does not create an attorney-client relationship with the firm. Materials are provided for informational purposes only and do not constitute legal advice. We are only licensed to practice law in Germany. We are neither licensed nor qualified to render advice on US Federal or State law. Thieler Law Corp 2534 State Street - Suite 406, San Diego, CA 92101 by email: mail@thielerlaw.com or telephone at +1 (619) 377 - 4324 or visit our website http://www.thielerlaw.com/ or Facsimile: +1 (619) 785 – 3185 |