BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith reminds investors of the upcoming September 6, 2022 deadline to file a lead plaintiff motion in the case filed on behalf of investors who purchased Amazon.com, Inc. (“Amazon” or the “Company”) (NASDAQ: AMZN) common stock between July 30, 2021 and April 28, 2022, inclusive (the “Class Period”).
Investors suffering losses on their Amazon 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 firstname.lastname@example.org.
On April 28, 2022, Amazon reported a $3.8 billion net quarterly loss. The Company disclosed $6 billion of “incremental costs,” including $2 billion due to “overcapacity” in its “fulfillment and transportation network.” Amazon also disclosed that it expected the impacts of this to “persist for the next several quarters.”
On this news, Amazon’s stock fell $406.30, or 14%, to close at $2,485.63 per share on April 29, 2022, thereby injuring investors.
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 that: (1) rather than necessary to meet short-term and long-term customer demand, Amazon’s rapid expansion resulted in substantial overcapacity that drove massive losses and would substantially deplete the Company’s earnings moving forward; (2) Amazon’s capacity for growth far outpaced demand and, in response, Defendants made a series of intensifying cutbacks to warehouse and fulfillment capacity; and (3) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.
If you purchased or otherwise acquired Amazon common stock during the Class Period, you may move the Court no later than September 6, 2022 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 email@example.com, or visit our website at www.howardsmithlaw.com.
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