LEGAL GUIDES FOR INVESTORS
If you suffered losses in Farfetch stock, contact Farfetch stock loss lawyer Timothy L. Miles about a Farfetch lawsuit
INTRODUCTION TO THE FARFETCH LAWSUIT
The Farfetch lawsuit seeks to represent purchasers or acquirers of Farfetch Limited (NYSE: FTCH) securities between March 9, 2023 and August 17, 2023, both dates inclusive (the “Class Period”). Captioned Ragan v. Farfetch Limited, No. 23-cv-02857 (D. Md.), the Farfetch lawsuit charges Farfetch and certain of its top current executive officers with violations of the Securities Exchange Act of 1934.
If you suffered losses in Farfetch stock and wish to serve as lead plaintiff in the Farfetch lawsuit, please contact Farfetch Stock Loss Lawyer Timothy L. Miles by calling 855/846-6529 or via e-mail at [email protected] or by submitting a contact form. Lead plaintiff motions for the Farfetch lawsuit must be filed with the court no later than December 19, 2023.
Read on to learn answers to seven questions that Farfetch investors want to know about the Farfetch lawsuit.
WHAT ARE THE ALLEGATIONS IN THE FARFETCH LAWSUIT?
Farfetch, together with its subsidiaries, operates a global platform for the luxury fashion industry.
The Farfetch lawsuit alleges that defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (i) Farfetch was experiencing a significant slowdown in growth in the United States and China; (ii) Farfetch also faced onboarding challenges impacting the launch of its Reebok International Limited partnership; (iii) Farfetch downplayed challenges it faced with respect to, and/or overstated its ability to manage, its supply chain and inventory; (iv) all of the above was having a significant negative impact on Farfetch’s revenue and gross merchandise value (“GMV”) growth; and (v) as a result, Farfetch was unlikely to meet market expectations for its second quarter 2023 financial results or its own fiscal year 2023 revenue guidance.
The Farfetch lawsuit further alleges that on August 17, 2023, Farfetch reported second quarter 2023 revenue of approximately $572 million, significantly less than the market consensus of $650.71 million. According to the complaint, Farfetch also issued a fiscal year 2023 revenue forecast of approximately $2.5 billion, compared to the average analyst estimate of $2.8 billion and Farfetch’s prior fiscal year 2023 revenue forecast of $2.9 billion. Farfetch further disclosed that significant slowdowns in the United States and China, onboarding challenges affecting the launch of the Reebok partnership, and issues with inventory and shipping had negatively impacted Farfetch’s revenue and GMV for the quarter, the complaint further alleges. The Farfetch lawsuit alleges that following these developments, the price of Farfetch stock decline more than 45%.
WHAT IS THE LEAD PLAINTIFF DEADLINE IN THE FARFETCH LAWSUIT?
When a securities class action is filed such as the Farfetch lawsuit, the person who files the first complaint is required to publish a notice announcing the filing. Anyone who wants to be lead plaintiff on behalf of the class in the Farfetch lawsuit must thereafter file a motion to be appointed as lead plaintiff(s) no later than 60 days after the notice was published.
WHAT ARE MY CHOICES IF I RECEIVE A NOTICE IN THE FARFETCH LAWSUIT?
First, read the notice very carefully. You have two choices. First, you can do nothing and remain a member of the class represented by lead counsel. Second, if you believe you have a large enough loss to justify it, you can opt out of the Farfetch lawsuit and file your own separate lawsuit. Note, that if you opt-out, you will not be able to participate in any settlement or recovery obtained in the Farfetch lawsuit.
IF I RECEIVE A SETTLEMENT FROM FINRA CAN I STILL PARTICIPATE IN THE FARFETCH LAWSUIT?
Yes, the acceptance of restitution or compensation from a FINRA regulatory settlement does not waive your right to monetary or other benefits through the courts, arbitration, or mediation. Therefore, even if you received a settlement from FINRA, you can still participate in the Farfetch lawsuit.
WHAT ARE THE BENEFITS OF SERVING AS LEAD PLAINTIFF IN THE FARFETCH LAWSUIT?
Serving as a Lead Plaintiff in the Farfetch lawsuit has several advantages and important benefits including:
Thus, there are numerous benefits and other advantages to serving as lead plaintiff in a Farfetch lawsuit if you suffered losses in Farfetch stock.
WHAT RESPONSIBILITIES WILL THE LEAD PLAINTIFF HAVE IN THE FARFETCH LAWSUIT?
A Lead Plaintiff owes a fiduciary duty to the class, and therefore, must act in the best interest of the class in the Farfetch lawsuit. Some of the responsibilities of the Lead Plaintiff in the Farfetch lawsuit include:
CAN I SELL MY STOCK AND STILL BE A MEMBER OF THE CLASS IN THE FARFETCH LAWSUIT?
Yes. There is no requirement for you to retain ownership of the stock after the class period has expired to participate in the Farfetch lawsuit.
CONTACT AN FARFETCH STOCK LOSS LAWYER TODAY IF YOU SUFFERED LOSSES IN FARFETCH STOCK ABOUT A FARFETCH LAWSUIT
If you suffered losses in Farfetch stock, contact Farfetch stock loss lawyer Timothy L. Miles today for a free case evaluation about a Farfetch lawsuit. Call today and see what a Farfetch stock loss lawyer could do for you if you suffered losses in Farfetch stock.
Nashville attorney Timothy L. Miles is a nationally recognized shareholder rights attorney raised in Nashville, Tennessee. Mr. Miles has dedicated his career to representing shareholders, employees, and consumers in complex class-action litigation. Whether serving as lead, co-lead, or liaison counsel, Mr. Miles has helped recover hundreds of millions of dollars for defrauded investors, shaped precedent-setting decisions, and delivered real corporate governance reforms. Judges and peers have repeatedly recognized Mr. Miles relentless advocacy for the underdog, as well as his unbendable ethical standards. Mr. Miles was recently selected by Martindale-Hubbell® and ALM as a 2022 Top Ranked Lawyer, 2022 Top Rated Litigator, and a 2022 Elite Lawyer of the South. Mr. Miles also maintains the AV Preeminent Rating by Martindale-Hubbell®, their highest rating for both legal ability and ethics. Mr. Miles is a member of the prestigious Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association, Class Action: Class Action: Top 100 National Trial Lawyers, National Trial Lawyers Association (2023), a superb rated attorney by Avvo, a recipient of the Lifetime Achievement Award by Premier Lawyers of America (2019) and recognized as a Distinguished Lawyer, Recognizing Excellence in Securities Law, by Lawyers of Distinction (2019); a Top Rated Litigator by Martindale-Hubbell® and ALM (2019-2022); America's Most Honored Lawyers 2020; Top 1% by America's Most Honored (2020-2022). Mr. Miles has published over three hundred articles on various issues of the law, including class actions, whistleblower cases, products liability, civil procedure, derivative actions, corporate takeover litigation, corporate formation, mass torts, dangerous drugs, and more. Please visit our website or Resources center and call for free anytime.
The Law Offices of Timothy L. Miles
Tapestry at Brentwood Town Center
300 Centerview Dr., #247
Brentwood, TN 37027
Phone: (855) 846-6529
Email: [email protected]
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