LOS ANGELES--(BUSINESS WIRE)--Goldberg Law PC announces that a class action lawsuit has been filed in the United States District Court for the Eastern District of New York against Etsy, Inc. (“Etsy” or the “Company”) (NASDAQ: ETSY), for alleged violations of the federal securities laws. Investors who purchased shares between April 16, 2015 and May 10, 2015, inclusive (the “Class Period”), have until July 13, 2015 to serve as lead plaintiff in the class action.
If you are a shareholder who suffered a loss during the Class Period, we advise you to contact Michael Goldberg or Brian Schall, of Goldberg Law PC, 13650 Marina Pointe Dr. Suite 1404, Marina Del Rey, CA 90292, at 800-977-7401, to discuss your rights without cost to you. You can also reach us by email at firstname.lastname@example.org or through the firm’s website at http://www.Goldberglawpc.com.
The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
Etsy, Inc. operates online and offline marketplaces where sellers and consumers connect to buy and sell goods. According to the complaint, Etsy misrepresented its business and compliance policies. Specifically, the lawsuit claims that the Company made false and/or misleading statements and/or failed to disclose that (1) at least 5% of the merchandise on the Company’s website were either counterfeit or constituted trademark or copyright infringement; (2) Brands are increasingly pursuing sellers on the Company’s platform for trademark or copyright infringement, jeopardizing Etsy’s listing fees and commissions; and (3) as a result, Etsy’s public statements were materially false and misleading at all relevant times.
On May 11, 2015, an equity analyst at Wedbush securities published a note downgrading Etsy to “Underperform.” The analyst specifically mentioned that at least 5% of the merchandise sold on Etsy’s website either violated trademark laws, or were counterfeit. This news caused the stock to fall 8% on heavy volume, with shares closing at $20.85.
If you have any questions concerning your legal rights in this case, please immediately contact Goldberg Law PC at 800-977-7401, via email at email@example.com, or visit our website at http://www.Goldberglawpc.com.
Goldberg Law PC represents shareholders around the world and specializes in securities class actions and shareholder rights litigation.
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