The Law Offices of Frank R. Cruz Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Weber Inc. (WEBR)

The Law Offices of Frank R. Cruz reminds investors of the upcoming September 27, 2022 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who acquired Weber Inc. (“Weber” or the “Company”) (NYSE: WEBR) Class A common stock pursuant and/or traceable to the registration statement and prospectus (collectively, the “Registration Statement”) issued in connection with the Company’s August 2021 initial public offering (“IPO” or the “Offering”).

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On or about August 6, 2021, the Company completed its IPO, selling approximately 17,857,143 shares of Class A common stock at a price of $14.00 per share.

On July 25, 2022, before the market opened, Weber announced its preliminary third quarter 2022 financial results, including net sales between $525 million and $530 million. The Company 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 the Company.

On this news, the Company’s stock price fell $1.21 per share, or 16%, to close at $6.30 per share on July 25, 2022, on unusually heavy trading volume.

By the commencement of this action, the Company’s stock was trading as low as $6.25 per share, a nearly 55% decline from the $14 per share IPO price.

The complaint filed in this class action alleges that the Registration Statement 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 Weber was reasonably likely to implement price increases; (2) that, as a result, consumer demand for Weber’s products was reasonably likely to decrease; (3) that, due to the resulting inventory buildup, Weber was reasonably likely to run promotions to “enhance retail sell through”; (4) that the foregoing would adversely impact Weber’s financial results; and (5) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.

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If you purchased or otherwise acquired Weber Class A common stock pursuant and/or traceable to the IPO, you may move the Court no later than September 27, 2022 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action 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 action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.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.

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