LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) announces an investigation on behalf of Shopify Inc. (“Shopify” or the “Company”) (NYSE: SHOP) investors concerning the Company and its officers’ possible violations of federal securities laws. To obtain information or aid in the investigation, please visit the Shopify page on our website at www.glancylaw.com.
On October 4, 2017, Citron Research published a report portraying Shopify as "a completely illegal get-rich quick scheme." The report alleged, among other things, that Shopify inaccurately described the Company's relationship with certain affiliates, stating, in part: "Shopify calls these affiliates 'partners.' We call them promoters selling business opportunities." The Citron report compared Shopify's business practices to those of Herbalife Ltd. ("Herbalife"), a company that recently paid $200 million and agreed to an order "prohibit[ing] Herbalife from misrepresenting distributors' potential or likely earnings" to settle Federal Trade Commission charges.
On this news, Shopify's stock dropped $13.91, or 11.91%, to close at $102.90 on October 4, 2017, thereby damaging investors.
If you purchased Shopify securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley F. 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 email@example.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.
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