By GlobeNewswire, October 16, 2013, 06:29:00 PM EDT
NEW YORK, Oct. 16, 2013 (GLOBE NEWSWIRE) -- Pomerantz Grossman Hufford Dahlstrom & Gross LLP has filed a class action lawsuit against LightInTheBox Holding Co., Ltd. ("LightInTheBox" or the "Company") (NYSE:LITB) and certain of its officers. The class action, filed in United States District Court, Southern District of New York, and docketed under 13-CIV-7310, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired LightInTheBox securities between June 6, 2013 and August 19, 2013 both dates inclusive (the "Class Period"). This class action seeks to recover damages against the Company and certain of its officers and directors as a result of alleged violations of the federal securities laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.
If you are a shareholder who purchased LightInTheBox securities during the Class Period, you have until October 28, 2013 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at email@example.com or 888.476.6529 (or 888.4-POMLAW), toll free, x237. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
LightInTheBox is a global online retail company that sells directly to consumers via the Internet. The Complaint alleges that throughout the Class Period, Defendants issued materially false and misleading statements regarding the Company's financial performance and future prospects. Specifically, Defendants misrepresented or failed to disclose the following adverse facts, which were known to Defendants or recklessly disregarded by them: (a) LightInTheBox's sales growth had dramatically decreased during the second quarter of 2013, the period ended June 30, 2013; (b) LightInTheBox's costs had grown more than its sales during the second quarter of 2013; and (c) as a result of the foregoing, the Company was not on track to achieve the financial results defendants had led the market to expect during the class period.
On August 19, 2013, after the close of trading, the Company issued a press release announcing its actual second quarter 2013 financial results for the quarter ended June 30, 2013. LightInTheBox reported revenues of just $72.2 million and profits (excluding items) of $0.05 per share below the earnings of $0.06 per share on revenues of $75.8 million forecast by analysts. The Company also forecast revenues of just $68-$70 million for the third quarter of 2013, whereas analysts had been led to expect $75.8 million.
On this news, the price of LightInTheBox shares, which had traded as high as $23.38 per share in intraday trading on August 14, 2013, fell approximately 40% from their close on August 19, 2013 of $19.27, to close at $11.58 per share on August 20, 2013.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and San Diego, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
CONTACT: Robert S. WilloughbyPomerantz Grossman Hufford Dahlstrom & Gross LLPrswilloughby@pomlaw.com
Source: Pomerantz Grossman Hufford Dahlstrom & Gross LLP