ACCESS Newswire
10 Aug 2022, 07:19 GMT+10
SAN DIEGO, CA / ACCESSWIRE / August 9, 2022 / The law firm of Robbins Geller Rudman & Dowd LLP announces that purchasers or acquirers of Weber Inc. (NYSE:WEBR) Class A common stock pursuant and/or traceable to the registration statement and prospectus (collectively, 'Registration Statement') issued in connection with Weber's August 4, 2021 initial public offering ( 'IPO') have until September 27, 2022 to seek appointment as lead plaintiff in the Weber class action lawsuit. Captioned Michalski v. Weber Inc., No. 22-cv-03966 (N.D. Ill.), the Weber class action lawsuit charges Weber, certain of its top executives and directors, and the IPO's underwriters with violations of the Securities Act of 1933.
If you suffered substantial losses and wish to serve as lead plaintiff, please provide your information here:
https://www.rgrdlaw.com/cases-weber-inc-class-action-lawsuit-webr.html
You can also contact attorney J.C. Sanchez of Robbins Geller by calling 800/449-4900 or via e-mail at [email protected].
CASE ALLEGATIONS: Weber is an outdoor cooking company that sells grills, smokers, grilling accessories, and solid fuel products across the world. In the IPO, Weber sold approximately 17.8 million shares of Class A common stock at a price of $14.00 per share. Weber received proceeds of approximately $237.5 million from the IPO, net of underwriting discounts and commissions.
The Weber class action lawsuit alleges that the IPO's Registration Statement was materially false and misleading and omitted to state that: (i) Weber was reasonably likely to implement price increases; (ii) as a result, consumer demand for Weber's products was reasonably likely to decrease; (iii) due to the resulting inventory buildup, Weber was reasonably likely to run promotions to 'enhance retail sell through' (iv) the foregoing would adversely impact Weber's financial results; and (v) thus, defendants' positive statements about Weber's business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
On July 25, 2022, Weber announced its preliminary third quarter 2022 financial results, including net sales between $525 million and $530 million. Weber expected to report a net loss, noting that '[p]rofitability was negatively impacted by' several factors, including 'promotional activity to enhance retail sell through.' Additionally, Weber announced that Chris Scherzinger 'is departing' from his roles as Chief Executive Officer and director of Weber. On this news, Weber's stock price fell by approximately 16%.
By the commencement of the Weber class action lawsuit, Weber stock was trading as low as $6.25 per share, a nearly 55% decline from the $14 per share IPO price.
THE LEAD PLAINTIFF PROCESS: The Private Securities Litigation Reform Act of 1995 permits any purchaser or acquirer of Weber Class A common stock pursuant and/or traceable to the Registration Statement issued in connection with the IPO to seek appointment as lead plaintiff in the Weber class action lawsuit. A lead plaintiff is generally the movant with the greatest financial interest in the relief sought by the putative class who is also typical and adequate of the putative class. A lead plaintiff acts on behalf of all other class members in directing the Weber class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the Weber class action lawsuit. An investor's ability to share in any potential future recovery of the Weber class action lawsuit is not dependent upon serving as lead plaintiff.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller is one of the world's leading complex class action firms representing plaintiffs in securities fraud cases. The Firm is ranked #1 on the 2021 ISS Securities Class Action Services Top 50 Report for recovering nearly $2 billion for investors last year alone - more than triple the amount recovered by any other plaintiffs' firm. With 200 lawyers in 9 offices, Robbins Geller is one of the largest plaintiffs' firms in the world, and the Firm's attorneys have obtained many of the largest securities, antitrust, consumer, and privacy class action recoveries in history, including the largest securities class action recovery ever - $7.2 billion - in In re Enron Corp. Sec. Litig. Please visit the following page for more information:
https://www.rgrdlaw.com/services-litigation-securities-fraud.html
Attorney advertising.
Past results do not guarantee future outcomes.
Services may be performed by attorneys in any of our offices.
Contact:
Robbins Geller Rudman & Dowd LLP
655 W. Broadway, Suite 1900, San Diego, CA 92101
J.C. Sanchez, 800-449-4900
[email protected]
SOURCE: Robbins Geller Rudman & Dowd LLP
Get a daily dose of Boston Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Boston Star.
More InformationMILAN, Italy: Italian regulators have flagged four non-EU countries—including Russia—as carrying systemic financial risk for domestic...
NEW YORK CITY, New York: With just weeks to spare before a potential government default, U.S. lawmakers passed a sweeping tax and spending...
PARIS, France: Fast-fashion giant Shein has been fined 40 million euros by France's antitrust authority over deceptive discount practices...
PALO ALTO/TEL AVIV: The battle for top AI talent has claimed another high-profile casualty—this time at Safe Superintelligence (SSI),...
FRANKLIN, Tennessee: Hundreds of thousands of Nissan and Infiniti vehicles are being recalled across the United States due to a potential...
REDMOND, Washington: Microsoft is the latest tech giant to announce significant job cuts, as the financial strain of building next-generation...
FRANKLIN, Tennessee: Hundreds of thousands of Nissan and Infiniti vehicles are being recalled across the United States due to a potential...
(Photo credit: Mark J. Rebilas-Imagn Images) The Washington Nationals dismissed manager Dave Martinez and general manager Mike Rizzo...
(Photo credit: Rafael Suanes-Imagn Images) Trevor Story and Ceddanne Rafaela each homered to help the visiting Boston Red Sox complete...
(Photo credit: Rafael Suanes-Imagn Images) Trevor Story and Ceddanne Rafaela each homered to help the visiting Boston Red Sox complete...
(Photo credit: Bruce Kluckhohn-Imagn Images) The Washington Wizards completed a three-team trade on Sunday, acquiring guard CJ McCollum,...
(Photo credit: Jayne Kamin-Oncea-Imagn Images) League rebounding leader Angel Reese of the Chicago Sky and assists leader Alyssa...