The Law Offices of Frank R. Cruz Announces the Filing of a Securities Class Action on Behalf of Farfetch Limited (FTCH) Investors

LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces that a class action lawsuit has been filed on behalf of persons and entities that purchased or otherwise acquired Farfetch Limited (“Farfetch” or the “Company”) (NYSE: FTCH) securities between March 9, 2023 and August 17, 2023, inclusive (the “Class Period”). Farfetch investors have until December 19, 2023 to file a lead plaintiff motion.

If you are a shareholder who suffered a loss, click here to participate.

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 (“GMV”).

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.

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) Farfetch was experiencing a significant slowdown in growth in the U.S. and China; (2) Farfetch also faced onboarding challenges impacting the launch of its Reebok partnership; (3) Farfetch downplayed challenges it faced with respect to, and/or overstated its ability to manage, its supply chain and inventory; (4) all the foregoing was having a significant negative impact on Farfetch’s revenue and GMV growth; (5) accordingly, Farfetch was unlikely to meet market expectations for its Q2 2023 financial results or its own FY 2023 revenue guidance; and (6) 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.

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If you purchased Farfetch securities during the Class Period, you may move the Court no later than December 19, 2023 to ask the Court to appoint you as lead plaintiff. To be a member of the Class 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. 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 Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Los Angeles, California 90067 at 310-914-5007, by email to [e-mail], or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

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