Farfetch (FTCH) Tumbles Amid Liquidity Problems and Pending Securities Class Action – Hagens Berman
HAGENS BERMAN Encourages Farfetch Limited (FTCH) Investors with Substantial Losses to Contact Firm’s Attorneys Before Dec. 19th Deadline
SAN FRANCISCO, Dec. 17, 2023 (GLOBE NEWSWIRE) — Hagens Berman urges Farfetch Limited (NYSE: FTCH) investors who suffered substantial losses to submit your losses now.
Farfetch Limited (NYSE: FTCH) Securities Fraud Class Action:
“The litigation focuses on whether Farfetch misrepresented growth and concealed problems with key partnerships,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
The complaint alleges Farfetch misrepresented and omitted to disclose that: (1) Farfetch was experiencing a significant slowdown in growth in the U.S. and China; (2) Farfetch also faced onboarding challenges impacting the launch of its Reebok partnership; and (3) Farfetch downplayed challenges it faced with respect to, and/or overstated its ability to, manage its supply chain and inventory.
Investors learned the truth on Aug. 17, 2023, when Farfetch reported dismal Q2 2023 financial results and slashed its FY 2023 revenue guidance, causing the price of Farfetch shares to crash about 45% lower on Aug. 18, 2023.
Since the filing of the suit, Farfetch has experienced a staggering drop in its stock value, hitting record lows. Sell off ensued when Richemont (CFRHF) announced that it had no intention of investing in or loaning money to Farfetch. More fuel was added to the fire when Farfetch delayed its Q3 earnings report and related conference call. The company’s financial challenges were further highlighted by two credit downgrades earlier this month and reports of a potential sale of Browns, a subsidiary, as Farfetch seeks to raise funds.
“Based on recent developments, we are investigating whether the alleged fraudulent period should be expanded,” says Kathrein.
If you invested in Farfetch and have significant losses, or have knowledge that may assist the firm’s investigation, submit your losses now »
If you’d like more information and answers to frequently asked questions about the Farfetch case and our investigation, read more »
Whistleblowers: Persons with non-public information regarding Farfetch should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email [email protected].
About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation law firm focusing on corporate accountability through class-action law. The firm is home to a robust securities litigation practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and fraud. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
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Reed Kathrein, 844-916-0895