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Kirby McInerney LLP Announces the Filing of a Securities Class Action on Behalf of Rent the Runway, Inc. (RENT) Investors

By: via Business Wire

The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Eastern District of New York on behalf of those who acquired Rent the Runway, Inc. (“Rent the Runway” or the “Company”) (NASDAQ: RENT) securities pursuant and/or traceable to the Registration Statement and Prospectus (collectively, the “Registration Statement”) issued in connection with Rent the Runway’s October 27, 2021 initial public offering (“IPO”); and/or (b) that purchased or otherwise acquired Rent the Runway securities during the period from October 24, 2021 through November 14, 2022 (the “Class Period”). Investors have until January 13, 2023 to apply to the Court to be appointed as lead plaintiff in the lawsuit.

Rent the Runway operates an online e-commerce website that allows women to rent designer apparel and accessories.

On October 27, 2021, Rent the Runway conducted its IPO, selling 17 million shares at $21.00 per share.

In the months leading up to the IPO, Rent the Runway claimed that it was experiencing a business resurgence as concerns about the COVID-19 pandemic lessened, lockdown orders ceased, and its customers engaged in more social outings.

On December 8, 2021, Rent the Runway disclosed in a press release that the Company had suffered a quarterly net loss of $87.8 million in the quarter that ended on October 31, 2021 (just days after the IPO), nearly double its loss of $44.3 million the prior year quarter. The release also stated that RTR’s fulfillment expenses rose significantly to $19.2 million from $11 million the prior year quarter, a 75% increase, and that its marketing expenses increased more than tenfold from $1.4 million in the prior year quarter to $10.8 million. Additionally, the Company reported only 116,833 active subscribers at quarter’s end and that it expected just 121,000 to 122,000 active subscribers for the following quarter, representing a sharp deceleration in active subscriber growth.

On an earnings call held with investors on the same day, Defendant Scarlett O’Sullivan, the Company’s Chief Financial Officer at the time of IPO, acknowledged that the Company was suffering “transportation headwinds” and “labor wage rate increases” during the quarter. Although the Registration Statement failed to disclose these headwinds, Defendant O’Sullivan stated not only that they predated the IPO but also that they were “anticipated.” On this news, the price of Rent the Runway shares declined by $1.31 per share, or approximately 10.23%, from $12.81 per share to close at $11.50 on December 8, 2021.

By November 14, 2022, the day the lawsuit was filed, the price of Rent the Runway Class A common stock had fallen to $1.58 per share, 92.48% below the price at which Rent the Runway common stock had been sold to the investing public in the IPO.

If you purchased or otherwise acquired Rent the Runway securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@kmllp.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.

Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: http://www.kmllp.com.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

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