NEW YORK, Jan. 24, 2015 (GLOBE NEWSWIRE) -- The Rosen Law Firm, a global investor rights firm, announces that it has filed a class action lawsuit on behalf of purchasers of ChannelAdvisor Corporation (NYSE:ECOM) securities between November 6, 2014 and January 12, 2015. The lawsuit seeks to recover damages for ChannelAdvisor investors under the federal securities laws.
To join the ChannelAdvisor class action, go to the website at http://www.rosenlegal.com/cases-475.html or call Phillip Kim, Esq. or Kevin Chan, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or kchan@rosenlegal.com for information on the class action. The suit is pending in U.S. District Court for the Southern District of New York.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
According to the lawsuit, ChannelAdvisor and certain of its officers and directors issued materially false and misleading statements about the Company's true financial condition and prospects. On January 12, 2015, the Company lowered its fourth quarter 2014 revenue guidance to $23.7 million from its prior revenue guidance of $25.6 to $26.1 million. The Company attributed the revision to lower variable subscription revenue due to a shift to larger customers. On this news, shares of ChannelAdvisor fell $11.32 per share or over 53% from its previous closing price to close at $9.83 per share on January 13, 2015, damaging investors.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than March 24, 2015. If you wish to join the litigation go http://www.rosenlegal.com/cases-475.html or to discuss your rights or interests regarding this class action, please contact, Phillip Kim, Esq. or Kevin Chan, Esq. of The Rosen Law Firm toll free at 866-767-3653 or via e-mail at pkim@rosenlegal.com or kchan@rosenlegal.com.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.