REAL DEADLINE TOMORROW: Bernstein Liebhard LLP Encourages Investors with Losses to Contact the Firm & Reminds The RealReal, I...
January 23 2020 - 12:10PM
Business Wire
Bernstein Liebhard, a nationally acclaimed investor rights law
firm, reminds investors of the deadline to file a motion to serve
as lead plaintiff in a securities class action on behalf of
shareholders that purchased or acquired shares of The RealReal,
Inc. ("RealReal" or the "Company") (NASDAQ: REAL) traceable to the
Company’s registration statement. The lawsuit filed in the United
States District Court for the Northern District of California
alleges violations of the Securities Act of 1933.
If you purchased REAL securities, and/or would like to
discuss your legal rights and options please visit RealReal
Shareholder Class Action Lawsuit or contact Matthew E. Guarnero
toll free at (877) 779-1414 or MGuarnero@bernlieb.com.
The complaint filed in this class action alleges that throughout
the Class Period, Defendants made materially false and/or
misleading statements, as well as failed to disclose material
adverse facts about the Company’s business, operations and
prospects. Specifically, Defendants failed to disclose to investors
that: (1) the Company’s employees received little training on how
to spot fake items; (2) the Company’s strict quotas on its
employees exacerbated product authentication issues; (3)
consequently, the potential for counterfeit or mislabeled items to
make it through the Company’s authentication process was higher
than disclosed; and (4) as a result, Defendants’ statements about
the Company’s business, operations, and prospects were materially
false and misleading and/or lacked a reasonable basis at all
relevant times.
On November 5, 2019, CNBC published an investigative report that
showed that the Company’s authentication process was not as robust
as it led consumers to believe. CNBC spoke with “nearly three dozen
former employees and obtained internal company documents that show
not everything is authenticated by an expert and employees work
under strict quotas that lead to fakes being sold on the site.”
On this news, the Company’s share price fell $3.80 or over 19%
over the next two trading days to close at $19.37 on November 6,
2019. Since the IPO, and as a result of the disclosure of material
adverse facts omitted from RealReal’s Registration Statement,
RealReal’s stock price has fallen below its IPO price, damaging
investors.
If you purchased RealReal securities, and/or would like to
discuss your legal rights and options please visit
https://www.bernlieb.com/cases/therealrealinc-real-shareholder-class-action-lawsuit-stock-fraud-225/apply
or contact Matthew E. Guarnero toll free at (877) 779-1414
or MGuarnero@bernlieb.com.
If you wish to serve as lead plaintiff, you must move the Court
no later than January 24, 2020. A lead plaintiff is a
representative party acting on behalf of other class members in
directing the litigation. Your ability to share in any recovery
doesn’t require that you serve as lead plaintiff. If you choose to
take no action, you may remain an absent class member.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5
billion for its clients. In addition to representing individual
investors, the Firm has been retained by some of the largest public
and private pension funds in the country to monitor their assets
and pursue litigation on their behalf. As a result of its success
litigating hundreds of lawsuits and class actions, the Firm has
been named to The National Law Journal’s “Plaintiffs’ Hot List”
thirteen times and listed in The Legal 500 for ten consecutive
years.
ATTORNEY ADVERTISING. © 2019 Bernstein Liebhard LLP. The law
firm responsible for this advertisement is Bernstein Liebhard LLP,
10 East 40th Street, New York, New York 10016, (212) 779-1414. The
lawyer responsible for this advertisement in the State of
Connecticut is Michael S. Bigin. Prior results do not guarantee or
predict a similar outcome with respect to any future matter.
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version on businesswire.com: https://www.businesswire.com/news/home/20200123005655/en/
Matthew E. Guarnero Bernstein Liebhard LLP
https://www.bernlieb.com (877) 779-1414 MGuarnero@bernlieb.com
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