NEW YORK--(BUSINESS WIRE)--The law firm of Kirby McInerney LLP announced today 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.kmllp.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 $13.51, or 11.57%, to close at $103.30 on October 4, 2017, thereby damaging investors.
If you purchased or otherwise acquired Shopify securities, have information or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, Toll-Free at 888-529-4787, or by email at email@example.com to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars, and the firm’s achievements and quality of service have been chronicled in numerous published decisions. Additional information about the firm can be found at Kirby McInerney LLP’s website: http://www.kmllp.com.
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