BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces an investigation on behalf of Farfetch Limited (“Farfetch” or the “Company”) (NYSE: FTCH) investors concerning the Company’s possible violations of federal securities laws.
On August 17, 2023, Farfetch released its second quarter 2023 financial results, reporting revenue of approximately $572 million, missing the market consensus of $650.71 million. The Company also lowered its Full Year 2023 revenue forecast from $2.9 billion to $2.5 billion. The Company disclosed that significant slowdowns in growth in the US and China, onboarding challenges affecting the launch of its anticipated partnership with Reebok, and issues with shipping and inventory had negatively impacted revenue and gross merchandise value.
On this news, Farfetch’s stock price fell $2.15, or 45.2%, to close at $2.61 per share on August 18, 2023, thereby injuring investors.
If you purchased Farfetch securities, have information or would like to learn more about these claims, or 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.
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