Investors with losses are encouraged to contact the firm before July 19, 2021; click here to submit trade information
LOS ANGELES, June 28, 2021 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises investors that a class action lawsuit has been filed on behalf of ContextLogic Inc. (NASDAQ: WISH) investors that acquired shares between December 16, 2020 and May 12, 2021. Investors have until July 19, 2021 to seek an active role in this litigation.
The investigation focuses on whether ContextLogic issued misleading and/or false statements and/or failed to disclose information pertinent to investors. On May 12, 2021, ContextLogic reported a first-quarter loss of $128 million, based on $772 million of sales. ContextLogic suffered from a loss in the quarter that was almost double on a year-over-year basis. The prior year’s first-quarter loss of $66 million came on $440 million in sales. Based on this news, shares of ContextLogic dropped in after-hours trading and traded down more than 25% in intraday trading on May 13, 2021.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than July 19, 2021.
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The Portnoy Law Firm represents investors in pursuing arising from corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.