Stamps com (NASDAQ:STMP)
Historical Stock Chart
1 Year : From Nov 2018 to Nov 2019
The law firm of Kirby
McInerney LLP announces that a class action lawsuit has been filed
in the U.S. District Court for the Central District of California on
behalf of those who acquired Stamps.com Inc. (“Stamps.com” or the
“Company”) (NASDAQ: STMP)
securities during the period from May 3, 2017 through February 21, 2019
(the “Class Period”). Investors have until April 29, 2019 to apply to
the Court to be appointed as lead plaintiff in the lawsuit.
The lawsuit alleges that Stamps.com made false and/or misleading
statements and/or failed to disclose that: (i) the Company’s financial
results depended on the manipulation of a United States Postal Service
(“USPS”) program that cost the USPS an estimated $235 million per year;
and (ii) as a result, the Company’s business was unsustainable, and its
financial results were highly misleading.
On February 21, 2019, after the market closed, Stamps.com announced that
the Company was discontinuing its key partnership with the USPS despite
the fact that USPS-related business accounts for 87 percent of the
Company’s revenue. The Company further announced that 2019 revenue was
expected to decline 5.4%.
On this news, Stamps.com’s share price fell $114.43 per share or
approximately 57.7%, to close at $83.65 on February 22, 2019.
If you acquired Stamps.com securities during the Class Period, have
information, or would like to learn more about these claims, please
contact Thomas W. Elrod of Kirby McInerney at 212-371-6600, by email at email@example.com,
or by filling out this
contact form, to discuss your rights or interests with respect to
these matters without any cost to you.
McInerney is a New York-based plaintiffs’ law firm concentrating in
securities, antitrust, and whistleblower litigation. The firm’s efforts
on behalf of shareholders in securities litigation have resulted in
recoveries totaling billions of dollars. Additional information about
the firm can be found at Kirby McInerney’s website: www.kmllp.com.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190412005490/en/
Kirby McInerney LLPThomas W. Elrod, Esq., (212) firstname.lastname@example.org