Gainey McKenna & Egleston Announces A Class Action Lawsuit Has Been Filed Against Weber, Inc. (WEBR)

New York, New York, UNITED STATES


NEW YORK, Aug. 02, 2022 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Weber, Inc. (“Weber” or the “Company”) (NYSE: WEBR) in the United States District Court for the Northern District of Illinois on behalf of investors who purchased Weber Class A common stock pursuant and/or traceable to the registration statement and prospectus (collectively, the “Registration Statement”) issued in connection with Weber’s August 4, 2021 initial public offering (the “IPO”).

The Complaint allege that the Company’s IPO Registration Statement was materially false and misleading and omitted to state that: (1) Weber was reasonably likely to implement price increases; (2) as a result, consumer demand for Weber’s products was reasonably likely to decrease; (3) due to the resulting inventory buildup, Weber was reasonably likely to run promotions to “enhance retail sell through”; (4) the foregoing would adversely impact Weber’s financial results; and (5) thus, Defendants’ positive statements about Weber’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

On July 25, 2022, Weber announced its preliminary third quarter 2022 financial results, including net sales between $525 million and $530 million. Weber expected to report a net loss, noting that “[p]rofitability was negatively impacted by” several factors, including “promotional activity to enhance retail sell through.” Additionally, Weber announced that Chris Scherzinger “is departing” from his roles as Chief Executive Officer and director of Weber. On this news, Weber’s stock price fell by approximately 16%.

Investors who purchased or otherwise acquired shares of Weber should contact the Firm prior to the September 27, 2022 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.  If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.

Please visit our website at http://www.gme-law.com for more information about the firm.