Securities Class Action Filed Against Etsy, Inc.
Violations of federal securities laws as a result of a series of materially false statements. The Complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. According to the Complaint, Defendants failed to disclose that more than 5% of all merchandise for sale on Etsy’s website was either counterfeit or constituted trademark or copyright infringement, and that brands are increasingly pursuing sellers on Etsy’s platform for trademark or copyright infringement. On May 11, 2015, before the market opened for trading, Gil Luria, an equity analyst at Wedbush Securities, issued a note downgrading Etsy to “Underperform.” Following this news, shares of Etsy fell $1.86, or by more than 8%, on unusually heavy volume, to close at $20.85 on May 11, 2015. Filed in E.D.N.Y.
Lead Plaintiff Deadline: The deadline to file for lead plaintiff in this action is 7/13/2015.
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