NEW ORLEANS--(BUSINESS WIRE)--Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until July 16, 2021 to file lead plaintiff applications in a securities class action lawsuit against ContextLogic Inc. (NasdaqGS: WISH), if they purchased the Company’s shares between December 16, 2020 through May 12, 2021, inclusive (the “Class Period”) and/or pursuant to the Company’s December 2020 initial public offering. This action is pending in the United States District Court for the Northern District of California.
What You May Do
If you purchased shares of ContextLogic and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (email@example.com), or visit https://www.ksfcounsel.com/cases/nasdaqgs-wish/ to learn more. If you wish to serve as a lead plaintiff in this class action, you must petition the Court by July 16, 2021.
About the Lawsuit
ContextLogic and certain of its executives are charged with failing to disclose material information during the Class Period and/or in the Registration Statement and Prospectus issued in conjunction with the initial public offering, violating federal securities laws.
On May 12, 2021, the Company announced its 1Q21 financial results for the interim period ended March 31, 2021, disclosing a decrease in monthly active users (“MAUs”) of an additional 7% from the previous period to just 101 million and a decrease in forward sales guidance for 2Q21 of just $715 million to $730 million, coming in significantly less than the $759 million the market had been led to expect and far less than the guidance of $735 to $750 million provided for 1Q21.
On this news, shares of ContextLogic plummeted 29%, or $3.36 per share, to close at $8.11 per share on May 13, 2021, on unusually high trading volume.
The case is Boehning v. ContextLogic Inc., No. 21-cv-03671.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking to recover investment losses due to corporate fraud and malfeasance by publicly traded companies. KSF has offices in New York, California and Louisiana.
To learn more about KSF, you may visit www.ksfcounsel.com.