INVESTOR ALERT: Kirby McInerney LLP Announces the Filing of a Securities Class Action Lawsuit against Stamps.com Inc.
March 01 2019 - 9:00PM
Business Wire
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 investigations@kmllp.com, or by filling out this
contact form, to discuss your rights or interests with respect to
these matters without any cost to you.
Kirby 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20190301005588/en/
Kirby McInerney LLPThomas W. Elrod, Esq., (212)
371-6600investigations@kmllp.comwww.kmllp.com
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