NEW YORK, Jan. 17, 2019 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP  announces that a federal securities class  action lawsuit   has  been filed in the United  States  District Court  for the District of Massachusetts on  behalf of  those who  purchased  or acquired the securities of Wayfair,  Inc. (“Wayfair” or the “Company”) (NYSE: W) between August 2, 2018 and October 31, 2018, both dates inclusive (the  “Class Period”). 

Investors who have incurred losses in the shares of Wayfair Inc. are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website, www.whafh.com.

If you have incurred losses in the shares of Wayfair, Inc., you may, no later than March 11, 2019, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in Wayfair, Inc.

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According to the filed complaint,  throughout the Class  Period Defendants made  false and/or misleading statements and/or failed  to disclose that Wayfair had been experiencing significantly diminished demand for its online product  offerings and had  significantly increased  advertising  spending to  grow sales. 

As  a result of Defendants’ false statements and/or omissions, the price of  Wayfair stock was artificially inflated to more  than $149.00 per share during the Class Period. Meanwhile, with the price of Wayfair  common  stock  artificially inflated, certain of its  senior executives and  directors cashed in,  selling more than $87.75 million worth of their personally held shares.

Then, on November 1, 2018, Wayfair announced its third quarter 2018  financial results. The Company reported a massive  $151.7 million GAAP net loss for the quarter, or $(1.69) per share, compared with a GAAP loss of $76.4 million, or $(0.88) per share, for the third quarter of 2017.  In reality, advertising expenses  had  skyrocketed  in the  third quarter of  2018 to  more than  $202.5 million, an increase of 43%.

On this news, Wayfair stock  fell $14.13  per share,  or over 12%, from  its previous closing  price to  close at  $96.16 per  share on  November 1,  2018.

Wolf Haldenstein Adler Freeman & Herz  LLP  has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country.  The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego.  The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.

If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.

Contact:

Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, kcooper@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774

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