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MarketScreener Homepage  >  Equities  >  Nyse  >  Farfetch Limited    FTCH   KY30744W1070

FARFETCH LIMITED

(FTCH)
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Glancy Prongay & Murray LLP : Files Securities Class Action on Behalf of Farfetch Limited Investors

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09/17/2019 | 09:36pm EDT

Glancy Prongay & Murray LLP (“GPM”) announces that it has filed a class action lawsuit in the United States District Court for the Southern District of New York captioned Omdahl v. Farfetch Limited et al., (Case No 1:19-cv-08657), on behalf of persons and entities that purchased or otherwise acquired Farfetch Limited (NYSE: FTCH) (“Farfetch” or the “Company”) securities pursuant and/or traceable to the registration statement and prospectus (collectively, the “Registration Statement”) issued in connection with the Company’s September 2018 initial public offering (“IPO” or the “Offering”). Plaintiff pursues claims under Sections 11 and 15 of the Securities Act of 1933 (the “Securities Act”).

Investors are hereby notified that they have 60 days from the date of this notice to move the Court to serve as lead plaintiff in this action.

If you are a shareholder who suffered a loss, click here to participate.

On or about September 24, 2018, the Company held its IPO in which it sold approximately 50.88 million shares of Class A common stock at a price of $20.00 per share.

On August 8, 2019, Farfetch reported a larger-than-expected loss of $89.6 million for second quarter 2019. The Company also announced a $675 million acquisition of New Guards Group and that its Chief Operating Officer had resigned.

On this news, the Company’s share price fell $8.12, or over 44%, to close at $10.13 per share on August 9, 2019, thereby injuring investors.

By the commencement of this action, the Company’s stock was trading as low as $10.20 per share, a nearly 50% decline from the $20 IPO price.

The complaint filed in this class action 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: (1) that large scale online wholesale was reasonably likely to lead to pricing volatility and heavy promotions of luxury goods; (2) that the Company’s core business was vulnerable to such pricing pressures; (3) that the Company would aggressively pursue acquisitions to remain profitable; and (4) 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.

Follow us for updates on Twitter: twitter.com/GPM_LLP.

If you purchased Farfetch securities pursuant to the Registration Statement, you may move the Court no later than 60 days from the date of this notice to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

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


© Business Wire 2019
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Financials (USD)
Sales 2019 936 M
EBIT 2019 -331 M
Net income 2019 -389 M
Finance 2019 584 M
Yield 2019 -
P/E ratio 2019 -6,61x
P/E ratio 2020 -8,43x
EV / Sales2019 1,95x
EV / Sales2020 1,38x
Capitalization 2 411 M
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Mean consensus BUY
Number of Analysts 15
Average target price 21,77  $
Last Close Price 8,04  $
Spread / Highest target 360%
Spread / Average Target 171%
Spread / Lowest Target 45,5%
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José Manuel Neves Co-Chairman & Chief Executive Officer
Natalie Sara Massenet Co-Chairman
Andrew George Robb Chief Operating Officer
Elliot Gilbert Jordan Chief Financial Officer
Cipriano Sousa Chief Technology Officer
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