Glancy Prongay & Murray LLP ("GPM"), a national investors rights law firm, announces that a class action lawsuit has been filed on behalf of investors that acquired Waitr Holdings, Inc. ("Waitr" or the "Company") WTRH securities between May 17, 2018 and August 8, 2019, inclusive (the "Class Period"). Waitr investors have until November 26, 2019 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, at 310-201-9150, Toll-Free at 888-773-9224, or by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com.
On August 8, 2019, after the market closed, the Company revealed that its Chief Executive Officer had resigned; that the integration of BiteSquad.com, LLC, which Waitr had acquired in January 2019, was not proceeding according to plan; and that the Company was laying off personnel.
On this news, the Company's share price fell $1.87, or roughly 50% to close at $1.89 per share on August 9, 2019, 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: (1) that Defendants had artificially bolstered profits and revenues by unilaterally raising prices in breach of customer contracts and failed to properly reimburse drivers for expenses; (2) that providing services at the low take rate of 15% was not sustainable; (3) that its labor model was inefficient and resulted in rising, unsustainable costs; (4) that its financial statements were not true, accurate or reliable; and (5) that the Company's software provided little or no competitive advantages.
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If you purchased Waitr securities during the Class Period you may move the Court no later than November 26, 2019 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 wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com: https://www.businesswire.com/news/home/20191008005287/en/
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