Glancy Prongay & Murray LLP (“GPM”), a global investors rights law firm, announces that a class action lawsuit has been filed on behalf of investors that acquired Weight Watchers International, Inc. (“Weight Watchers” or the “Company”) (NASDAQ: WTW) securities between May 4, 2018 and February 26, 2019, inclusive (the “Class Period”). Weight Watchers investors have until May 3, 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 February 26, 2019, Weight Watchers announced that its subscriber count had declined to 3.9 million subscribers, and stated that enrollment would continue to decline during 2019. Weight Watchers also announced that it was targeting revenues of only $1.4 billion for fiscal year 2019, significantly less than the nearly $1.7 billion in revenues it had led the market to expect. On this news, Weight Watchers’ share price fell $10.20, or nearly 35%, to close at $19.37 per share on February 27, 2019, thereby injuring investors.
The complaint filed in this class action alleges that, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Weight Watchers was experiencing diminished subscriber demand attributable to the onslaught of new competing smartphone fitness apps, meal-delivery services, and other tech advances that were driving down Weight Watchers’ new subscriber growth and subscriber retention rates; (2) diminished subscriber growth, when coupled with a much larger number of fourth quarter subscription lapses than Weight Watchers would typically experience, made it highly unlikely that Weight Watchers would retain four million subscribers by the end of 2018; (3) Weight Watchers was not on track to grow its subscriber count to five million or to drive annual revenues to more than $2 billion by the end of 2020; (4) a decreased subscriber count would result in decreased revenues profits; and (5) as a result, defendants’ statements about Weight Watchers’ business metrics and financial prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased shares of Weight Watchers during the Class Period you may move the Court no later than May 3, 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.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20190311005922/en/
Contacts:
Lesley Portnoy,
310-201-9150 or 888-773-9224
www.glancylaw.com
shareholders@glancylaw.com
