Rent the Runway, Inc: Please contact the Portnoy Law Firm to recover your losses; January 13, 2023 deadline
Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, Jan. 12, 2023 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises Twist Bioscience Corporation ("RTR") (NASDAQ: RENT) investors that a lawsuit filed on behalf of investors that purchased Rent the Runway, Inc. ("RTR" or the "Company") (NASDAQ: RENT) Class A common stock pursuant and/or traceable to the Company's October 2021 initial public offering ("IPO").
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 844-767-8529 or email: lesley@portnoylaw.com, to discuss their legal rights, or click here to join the case via www.portnoylaw.com. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors' options for pursuing claims to recover their losses.
RTR conducted its IPO in October 2021, selling 17 million shares of Class A common stock at $21 per share. However, on December 8, 2021, RTR announced its Q3 2021 financial results, disclosing a net loss of $87.8 million and an increase in fulfillment and marketing expenses. Additionally, the company disclosed a deceleration in active subscriber growth. Then in April 2022, RTR reported a decline in active subscribers during Q4 2021, with elevated fulfillment and marketing expenses. On September 12, 2022, RTR announced it only had 124,131 active subscribers and announced a restructuring plan, including a 24% workforce reduction. Following this news, RTR's stock price fell 38.7% to $3.02 per share on September 13, 2022, causing harm to investors. By October 2022, the price of RTR Class A common stock had fallen to less than $2.00 per share, 90% below the IPO price.
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The Portnoy Law Firm represents investors in pursuing claims against caused by 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.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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