NEW YORK, March 08, 2019 (GLOBE NEWSWIRE) -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Stamps.com Inc. (“Stamps” or the “Company”) (NASDAQ: STMP) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired Stamps securities between May 3, 2017 and February 21, 2019, both dates inclusive (the “Class Period”). Such investors are encouraged to join this case by visiting the firm’s site: www.bgandg.com/stmp.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The Complaint alleges that Defendants made materially false and misleading statements and/or failed to disclose that: (1) the Company’s financial results depended on the manipulation of a USPS program that cost USPS an estimated $235 million per year; and (2) as a result, the Company’s business was unsustainable and its financial results were highly misleading.
On February 21. 2019, Stamps announced that its key partnership with the U.S. Postal Service has ended. On an earnings call with Stamps’ chairman and CEO, Kenneth Thomas McBride stated, "We will no longer be exclusive to the USPS and that's non-negotiable." Following this news, Stamps stock dropped $83.65 on February 21, 2019, or over 57% from the previous close price of $198.08.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm’s site: www.bgandg.com/stmp or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Stamps you have until April 29, 2019 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | info@bgandg.com