Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, reminds investors 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 all persons and entities who purchased or otherwise acquired Weber securities pursuant to the Company’s August 6, 2021 IPO (the “Class Period”). Investors have until September 27, 2022 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Click here to participate in the action.
On or about August 6, 2021, Weber completed its IPO, selling approximately 17,857,143 shares of Class A common stock at a price of $14.00 per share.
On July 25, 2022, before the market opened, Weber announced its preliminary third quarter 2022 financial results, including net sales between $525 million and $530 million. The Company 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 the Company.
On this news, the Company’s stock price fell $1.21 per share, or 16%, to close at $6.30 per share on July 25, 2022, on unusually heavy trading volume.
By the commencement of this action, the Company’s stock was trading as low as $6.25 per share, a nearly 55% decline from the $14 per share IPO price.
The complaint filed in this class action alleges that the Registration Statement 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: (1) that Weber was reasonably likely to implement price increases; (2) that, as a result, consumer demand for Weber’s products was reasonably likely to decrease; (3) that, due to the resulting inventory buildup, Weber was reasonably likely to run promotions to “enhance retail sell through”; (4) that the foregoing would adversely impact Weber’s financial results; and (5) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
If you purchased or otherwise acquired Weber shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at investigations@bespc.com, telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220924005014/en/
Contacts
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
