Farfetch, together with its subsidiaries, operates a global platform for the luxury fashion industry.
The Farfetch class action 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 class action 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 class action lawsuit alleges that following these developments, the price of Farfetch stock decline more than 45%.
WHAT IS THE LEAD PLAINTIFF DEADLINE IN THE Farfetch CELL CLASS ACTION LAWSUIT?
When a securities class action is filed such as the Farfetch class action 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 class action 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 CLASS ACTION 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 class action 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 class action 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 is the lead plaintiff process in the Farfetch class action lawsuit?
If you suffered losses in Farfetch stock, call a Farfetch
Stock Loss Lawyer about a Farfetch class action lawsuit
A lead plaintiff acts on behalf of all other class members in directing the class action lawsuit. The lead plaintiff can select a law firm of its choice to litigate the securities class action lawsuit. An investor’s ability to share in any potential future recovery of the class action lawsuit is not dependent upon serving as lead plaintiff. If you suffered losses in Farfetch stock and have further questions, contact Farfetch stock loss Lawyer Timothy L. Miles today who will fight to recover your damages in an Farfetch class actionlawsuit if you suffered losses in Farfetch stock.
Can a Non-U.S. Investor Serve as Lead Plaintiff in the Farfetch Class action lawsuit if they suffered losses in Farfetch stock?
If I Suffered Losses in Farfetch Stock, What Are the Benefits of Serving as Lead Plaintiff in the Farfetch Class Action lawsuit?
Serving as a Lead Plaintiff in the Farfetch class action lawsuit has several advantages and important benefits including:
A Lead Plaintiff is able to negotiate more competitive attorney fees and reduce other litigation costs by actively monitoring the class counsel.
Lead Plaintiff has the benefit of being able to manage the litigation primarily by overseeing and monitoring the progress of the action and the efforts of counsel, and being able to review and comment on important filings and other documents pertaining to the prosecution of the action.
There is no financial risk in serving as a Lead Plaintiff because Lead Counsel advances all costs and expenses incurred it the prosecution of the case and will be reimbursed only if there is a successful settlement or judgment recovery on behalf of the class.
Lead Plaintiff has the benefit involved and active in all negotiations relating to any settlement.
Lead Plaintiffs that continue owning the stock of the defendant will enjoy the long-term benefits from governance reformresulting from the litigation.
Thus, there are numerous benefits and other advantages to serving as lead plaintiff in a class action against Farfetchif you suffered losses in Farfetch stock.
WHAT RESPONSIBILITIES WILL THE LEAD PLAINTIFF HAVE IN THE FARFETCH CLASS ACTION 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 class action lawsuit. Some of the responsibilities of the Lead Plaintiff in the Farfetch class action lawsuit include:
Selecting, monitoring, and overseeing Lead Counsel.
Reviewing and commenting on court filings on behalf of the class.
Discussing litigation strategies with the Lead Counsel.
Attending depositions (if necessary) and giving a deposition.
Attending hearings (if necessary).
Participating in mediation and the trial (if necessary).
Provide input on any decision concerning the settlement of the securities class action.
Can I Be Appointed Lead Plaintiff in the Farfetch Class Action Lawsuit if I Purchased Shares Outside of the Class Period?
Will the Lead Plaintiffs Get More Money than Class Members if the Farfetch Class Action Lawsuit?
No, but they may be entitled to recover their reasonable expenses incurred with are directly related to representing the class in the Farfetchclass action lawsuit. Under the Private Securities Litigation Reform Act of 1995, a Lead Plaintiff is only entitled to his or her pro rata share of any recovery and does not receive any additional money for serving as a representative party on behalf of the class. However, a court, in its discretion, may approve an award of “reasonable costs and expenses (including lost wages)” to a Lead Plaintiff that directly relates to the representation of the class in the Farfetch class action lawsuit on behalf of investors who suffered losses in Farfetch stock.
Can I Be Lead Plaintiff in the Farfetch class action lawsuit if I am Lead Plaintiff in Another Case?
Yes, unless you have been a lead plaintiff in more than five securities class actions during any three-year period which is expressly prohibited by the securities laws. Otherwise, if you suffered losses in Farfetch stock, you may move to be appointed lead plaintiff in the Farfetch class action Lawsuit.
Can the Court Appoint More than One Lead Plaintiff in the Farfetch Lawsuit?
How Was the Class Period Determined in the Farfetch lawsuit?
In a securities fraud class action, the class period refers to a period of time in which it is alleged the price of the company’s stock was artificially inflated due to false and misleading statements made by company executives. The class period starts when the company makes an untrue statement of material fact about the company or fails to disclose a material fact necessary to render other statements not misleading. The class period ends when the truth is revealed to the investing public through a corrective disclosure.
In order to be a part of the class in the Farfetch lawsuit, you must have suffered losses in Farfetch stock by purchasing during the class period when it is alleged the price of the stock was artificially inflated to be included in the class action against Farfetch.
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.
How Can an Farfetch Stock Loss Lawyer Help Me if I Suffered Losses in Farfetch Stock?
A Farfetch stock loss Lawyer is well-versed in the complex laws that govern the securities industry and litigation and focuses on representing individual investors or funds who have been the victims of fraud or who have disputes with investment professionals. Ordinary individual investors, including civil servants, teachers, nurses, and retirees, may need a securities lawyer. In most cases, they have lost money due to mistakes, incompetence, or fraud by an investment professional.