The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of investors who purchased Weight Watchers International, Inc. (NASDAQ: WTW) securities between May 4, 2018 and February 26, 2019.
According to the Weight Watchers lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (a) Weight Watchers was experiencing diminished subscriber demand attributable due to the onslaught of new competing smartphone fitness apps, meal-delivery services, and other tech advances, which were driving down Weight Watchers’ new subscriber growth and its subscriber retention rates; (b) diminished subscriber growth, when coupled with the much larger number of fourth quarter subscription lapses that Weight Watchers typically experiences, made it highly unlikely that the Company would retain four million subscribers by the end of 2018; (c) 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; (d) a decreased subscriber count would result in decreased revenues and profits; and (e) 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.
If you suffered a loss in Weight Watchers you have until May 3, 2019 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
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