NEW YORK, March 25, 2019 (GLOBE NEWSWIRE) -- The following statement is being issued by Levi & Korsinsky, LLP:
To: All persons or entities who purchased or otherwise acquired securities of EverQuote, Inc. (“EverQuote” or the “Company”) (NASDAQGM: EVER) pursuant or traceable to the Company’s Initial Public Offering in June 2018.
You are hereby notified that a securities action has been commenced in the Supreme Court of the State of New York. If you purchased or otherwise acquired EverQuote securities pursuant to the initial public offering, your rights may be affected by this action.
According to the complaint, in June 2018, EverQuote held its IPO based on a misleading registration statement. EverQuote's registration statement touted the company's year-over-year and quarterly increases in both revenue and quote request volume, even though the company had strategized to lower its quote request volume to inflate other financial metrics ahead of the IPO.
EverQuote's first public earnings report revealed that second quarter 2018 quote request volume had worsened to a year-over-year growth rate of only 2.3%—down from 14.3% touted in the registration statement—and to a quarterly decline of 12%. Then, in November 2018, EverQuote revealed that quote request volume had worsened to zero growth, causing the company's stock to plummet dramatically.
If you suffered a loss in EverQuote and would like additional information, contact Joseph E. Levi, Esq. either via email at jlevi@levikorsinsky.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit https://www.zlk.com/pslra-1/everquote-inc-loss-form.
Levi & Korsinsky is a national firm with offices in New York, New Jersey, California, Connecticut, and Washington D.C. The firm’s attorneys have extensive expertise and experience representing investors in securities litigation involving financial fraud, and have recovered hundreds of millions of dollars for aggrieved shareholders. Attorney advertising. Prior results do not guarantee similar outcomes.