Contact a Lawyer Now
Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until July 16, 2021 to file lead plaintiff applications in a securities class action lawsuit against ContextLogic Inc. (NasdaqGS: WISH).
ContextLogic and certain of its executives are charged with failing to disclose material information during the Class Period and/or in the Registration Statement and Prospectus issued in conjunction with the initial public offering, violating federal securities laws.
On May 12, 2021, the Company announced its 1Q21 financial results for the interim period ended March 31, 2021, disclosing a decrease in monthly active users (“MAUs”) of an additional 7% from the previous period to just 101 million and a decrease in forward sales guidance for 2Q21 of just $715 million to $730 million, coming in significantly less than the $759 million the market had been led to expect and far less than the guidance of $735 to $750 million provided for 1Q21.
On this news, shares of ContextLogic plummeted 29%, or $3.36 per share, to close at $8.11 per share on May 13, 2021, on unusually high trading volume.
If you purchased shares of ContextLogic and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (firstname.lastname@example.org), or fill out the form on this page.
The case is Boehning v. ContextLogic Inc., No. 21-cv-03671.
Click here to read the case complaint.