CLASS ACTION UPDATE for RENT, CURV and NBEVQ: Levi & Korsinsky, LLP Reminds Investors of Class Actions on Behalf of Shareholders
NEW YORK, NY / ACCESSWIRE / January 11, 2023 / Levi & Korsinsky, LLP announces that class action lawsuits have commenced on behalf of shareholders of the following publicly-traded companies. Shareholders interested in serving as lead plaintiff have until the deadlines listed to petition the court. Further details about the cases can be found at the links provided. There is no cost or obligation to you.
RENT Shareholders Click Here: https://www.zlk.com/pslra-1/rent-the-runway-loss-submission-form?prid=35533&wire=1
CURV Shareholders Click Here: https://www.zlk.com/pslra-1/torrid-holdings-class-action-submission-form?prid=35533&wire=1
NBEVQ Shareholders Click Here: https://www.zlk.com/pslra-1/newage-class-action-submission-form?prid=35533&wire=1
* ADDITIONAL INFORMATION BELOW *
Rent the Runway, Inc. (NASDAQ:RENT)
This lawsuit is on behalf of all persons or entities who purchased Rent the Runway Class A common stock in or traceable to the Company's October 2021 initial public offering.
Lead Plaintiff Deadline : January 13, 2023
TO LEARN MORE, VISIT: https://www.zlk.com/pslra-1/rent-the-runway-loss-submission-form?prid=35533&wire=1
According to the filed complaint, (i) Rent the Runway was continuing to face extraordinary business headwinds, such as transportation headwinds and labor wage rate increases, from the COVID-19 pandemic; (ii) Rent the Runway's active subscriber enrollments had sharply decelerated from the growth trajectory represented in the offering documents and, as a result, Rent the Runway was several months away from approaching its pre-pandemic levels of active subscriptions; (iii) Rent the Runway needed to substantially increase marketing and advertising costs from historical figures in order to attempt to grow its active subscriber network; (iv) Rent the Runway was suffering from ballooning fulfillment and transportation costs; and (v) as a result, Rent the Runway was suffering accelerating operational losses at the time of the initial public offering and was far less likely to achieve profitability in the near term, if ever, than represented.
Torrid Holdings Inc. (NYSE:CURV)
This lawsuit is on behalf of all persons who purchased Torrid common stock in or traceable to the Company's July 2021 initial public offering.
Lead Plaintiff Deadline : January 17, 2023
TO LEARN MORE, VISIT: https://www.zlk.com/pslra-1/torrid-holdings-class-action-submission-form?prid=35533&wire=1
According to the filed complaint, (i) in the first half of 2021, Torrid had experienced a temporary surge in demand as a result of changed consumer behaviors in response to the COVID-19 pandemic and government stimulus and that such ephemeral demand trends had dissipated and were not internally projected to continue following the initial public offering ("IPO"); (ii) Torrid was suffering from severe supply chain disruptions caused by the emergence of the Delta variant of COVID-19, which had first emerged in May 2021; (iii) Torrid was running materially below historical inventory levels as a result of supply chain disruptions; (iv) as a result, Torrid did not have sufficient inventory to meet expected consumer demand for its fiscal third quarter of 2021; (v) as a result, late inventory arrival had materially impaired the Company from effectively matching consumer buying trends, creating an undisclosed risk of increased markdowns and promotional activities necessary to sell undesirable inventory; (vi) Torrid's Chief Financial Office planned to retire shortly after the IPO; and (vii) as a result of the above, representations made in the Company's registration statement regarding Torrid's historical financial and operational metrics and purported market opportunities did not accurately reflect the actual business, operations, financial results, and trajectory of the Company at the time of the IPO, and were materially false and misleading and lacked a reasonable factual basis.
NewAge, Inc. (OTCMKT:NBEVQ)
NBEVQ Lawsuit on behalf of: investors who purchased January 18, 2018 - October 18, 2022
Lead Plaintiff Deadline : February 6, 2023
TO LEARN MORE, VISIT: https://www.zlk.com/pslra-1/newage-class-action-submission-form?prid=35533&wire=1
According to the filed complaint, during the class period, NewAge, Inc. made materially false and/or misleading statements and/or failed to disclose that: (1) the Company and defendants had no relationship with the military or FamilyMart; (2) the Company and defendants overstated the business agreements that they did have; (3) the Company and defendants never produced or sold a proprietary CBD beverage; (4) the Company lacked adequate internal controls; (5) as a result the Company had a heightened risk of regularly scrutiny and ultimately subject to an SEC investigation and action; and (6) as a result of the foregoing, defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
You have until the lead plaintiff deadlines 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.
Levi & Korsinsky is a nationally recognized firm with offices in New York, California, Connecticut, and Washington D.C. The firm's attorneys have extensive expertise and experience representing investors in securities litigation and have recovered hundreds of millions of dollars for aggrieved shareholders. Attorney advertising. Prior results do not guarantee similar outcomes.
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Eduard Korsinsky, Esq.
55 Broadway, 10th Floor
New York, NY 10006
Tel: (212) 363-7500
Fax: (212) 363-7171
SOURCE: Levi & Korsinsky, LLP
View source version on accesswire.com: