Deadline Reminder: The Law Offices of Howard G. Smith Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Farfetch Limited

BENSALEM, Pa.--()--Law Offices of Howard G. Smith reminds investors of the upcoming November 18, 2019 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased Farfetch Limited (“Farfetch” or the “Company”) (NYSE: FTCH) 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”).

Investors suffering losses on their Farfetch investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.

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.

If you purchased Farfetch securities pursuant and/or traceable to Registration Statement, you may move the Court no later than November 18, 2019 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action 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 action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.

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

Contacts

Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com

Release Summary

Deadline Reminder: The Law Offices of Howard G. Smith Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Farfetch Limited

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Contacts

Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com