IMPORTANT ANNOUNCEMENT: Wolf Haldenstein Adler Freeman & Herz LLP Announces That a Federal Securities Class Action Has Been Filed Against Etsy, Inc. -- ETSY

Lead Plaintiff Deadline is July 13, 2015


NEW YORK, May 19, 2015 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been filed against Etsy, Inc. ("Etsy" or the "Company") (Nasdaq:ETSY). The class action, filed in United States District Court for the Eastern District of New York, is on behalf of a class consisting of all persons or entities who purchased Etsy securities between April 16, 2015 and May 10, 2015, inclusive (the "Class Period"). 

Wolf Haldenstein encourages all shareholders who suffered losses on common stock purchased within the Class Period to contact us immediately at classmember@whafh.com or (800) 575-0735.

Etsy operates online and offline marketplaces to buy and sell handmade items, vintage goods, and craft supplies. The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, defendant failed to disclose that more than 5% of all merchandise for sale on Etsy's website were 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."  In the note, Luria alleged that more than 5% of merchandise sold on Etsy's platform were either counterfeit or violated trademark protections. 

Following this news, shares of Etsy fell $1.86, or over 8%, on unusually heavy volume, to close at $20.85 on May 11, 2015.

Subsequent to the end of the class period, after the close on May 19, 2015, Etsy reported earnings for the first time as a publicly traded company. Reported earnings for the first quarter were below expectations as growth in “Growth Merchandise Sales (GMS)” declined substantially. In the after-hours market after the release of earnings, shares of Etsy were materially lower at $17.00 per share, down $4.00 from the day’s close.

If you purchased Etsy securities during the Class Period, you may, no later than July 13, 2015, request that the Court appoint you lead plaintiff of the proposed class.  A lead plaintiff is a representative party that acts on behalf of all class members in directing the litigation.  Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.

Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country.  The firm has over 70 attorneys in various practice areas; and offices in New York, Chicago and San Diego.  The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.

If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein Adler Freeman & Herz LLP by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.  All e-mail correspondence should make reference to the “Etsy Investigation.”

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