Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Farfetch Limited (FTCH)

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LOS ANGELES, Nov. 22, 2023 (GLOBE NEWSWIRE) — Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming December 19, 2023 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired Farfetch Limited (“Farfetch” or the “Company”) (NYSE: FTCH) securities between March 9, 2023 and August 17, 2023, inclusive (the “Class Period”).

If you suffered a loss on your Farfetch investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/Farfetch-Limited-1/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at [email protected] to learn more about your rights.

On August 17, 2023, Farfetch released its second quarter 2023 financial results, reporting revenue of approximately $572 million, missing the market consensus of $650.71 million. The Company also lowered its Full Year 2023 revenue forecast from $2.9 billion to $2.5 billion. The Company disclosed that significant slowdowns in growth in the US and China, onboarding challenges affecting the launch of its anticipated partnership with Reebok, and issues with shipping and inventory had negatively impacted revenue and gross merchandise value (“GMV”).

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On this news, Farfetch’s stock price fell $2.15, or 45.2%, to close at $2.61 per share on August 18, 2023, thereby injuring investors.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors 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; (3) Farfetch downplayed challenges it faced with respect to, and/or overstated its ability to manage, its supply chain and inventory; (4) all the foregoing was having a significant negative impact on Farfetch’s revenue and GMV growth; (5) accordingly, Farfetch was unlikely to meet market expectations for its Q2 2023 financial results or its own FY 2023 revenue guidance; and (6) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

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If you purchased or otherwise acquired Farfetch securities during the Class Period, you may move the Court no later than December 19, 2023 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected], or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

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Contacts
Glancy Prongay & Murray LLP, Los Angeles
Charles Linehan, 310-201-9150 or 888-773-9224
[email protected]
www.glancylaw.com

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