Thieler Law Corp, member of the Investor Attorney Network, is investigating whether certain officers and directors of Wayfair Inc (NYSE: W) violated securities laws in connection with certain financial statements.
The investigation seeks to discover if possible claims on behalf of purchasers of the securities of Wayfair Inc (NYSE: W) concerning whether a series of statements by Wayfair Inc regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
On August 31, 2015, Citron Research published a report on Wayfair asserting, among other things, that: (1) Wayfair deliberately refused to acknowledge Overstock as a competitor in its SEC filings, despite similarities between the two companies; and (2) Wayfair's CEO Niraj Shah stated in an August 13, 2015 interview that Wayfair was profitable "for the first nine years of this business" even though Wayfair’s S-1 filing indicates that it had $190 million in cumulative losses before going public. On this news, shares of Wayfair fell $4.92 per share or over 11% to close at $37.30 per share on August 31, 2015, damaging investors.
Based in Boston, MA and founded in 2002, Wayfair Inc is an ecommerce company with online retailers that market approximately seven million home products under various brands. Their flagship brands are, Wayfair.com offering home furnishings and décor from low-to high-end and across various styles; Joss & Main, an online flash sales site; AllModern, an online destination for original design for modern home enthusiasts; DwellStudio, an online design studio for modern, fashion-forward home furnishings; and Birch Lane, a destination for classic style home designs.
If you purchased shares of Wayfair Inc (NYSE: W) on or before August 31, 2015, you should contact Thieler Law Corp at mail@thielerlaw.com or call +1 (619) 377 - 4324.
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