OKLAHOMA CITY--(BUSINESS WIRE)--Federman & Sherwood announces that on May 17, 2021, a class action lawsuit was filed in the United States District Court for the Northern District of California against ContextLogic Inc. (NASDAQ: WISH). The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material or false misrepresentations to the market which had the effect of artificially inflating the market price during the period December 16, 2020 through May 12, 2021 (the “Class Period”). Specifically, the complaint alleges that ContextLogic reported false and misleading statements about the strength of its business operations and financial prospects by overstating its Monthly Active Users and growth trends.
To learn how to participate in this action, please visit https://www.federmanlaw.com/blog/federman-sherwood-announces-the-filing-of-a-securities-class-action-lawsuit-against-contextlogic-inc/.
The lawsuit seeks to recover damages on behalf of all ContextLogic Inc. investors who purchased common stock during the Class Period. You may move the Court no later than Monday, July 12, 2021 to serve as a lead plaintiff for the entire Class.
If you wish to discuss this action, obtain further information and participate in this litigation, or should you have any questions regarding this notice or preservation of your rights, please contact: Priscilla Scoggins at email@example.com or visit the firm’s website at www.federmanlaw.com.