Trending...
- Big Butler Fair Announces 2025 Music Lineup and Grandstand Events
- Make Innovation Matter: Support H.R.1's R&D Expensing Relief for American Small Businesses
- VIP Vacations Recognized as a Top 50 Producer with Pleasant Holidays
BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith reminds investors of the upcoming September 27, 2022 deadline to file a lead plaintiff motion in the case filed on behalf of investors who purchased Weber Inc. ("Weber" or the "Company") (NYSE: WEBR) Class A common stock pursuant and/or traceable to the registration statement and prospectus (collectively, the "Registration Statement") issued in connection with the Company's August 2021 initial public offering ("IPO" or the "Offering").
Investors suffering losses on their Weber investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.
On or about August 6, 2021, the Company completed its IPO, selling approximately 17,857,143 shares of Class A common stock at a price of $14.00 per share.
On July 25, 2022, before the market opened, Weber announced its preliminary third quarter 2022 financial results, including net sales between $525 million and $530 million. The Company expected to report a net loss, noting that "[p]rofitability was negatively impacted by" several factors, including "promotional activity to enhance retail sell through." Additionally, Weber announced that Chris Scherzinger "is departing" from his roles as Chief Executive Officer and director of the Company.
More on The PennZone
On this news, the Company's stock price fell $1.21 per share, or 16%, to close at $6.30 per share on July 25, 2022, on unusually heavy trading volume.
By the commencement of this action, the Company's stock was trading as low as $6.25 per share, a nearly 55% decline from the $14 per share IPO price.
The complaint filed in this class action alleges that the Registration Statement 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: (1) that Weber was reasonably likely to implement price increases; (2) that, as a result, consumer demand for Weber's products was reasonably likely to decrease; (3) that, due to the resulting inventory buildup, Weber was reasonably likely to run promotions to "enhance retail sell through"; (4) that the foregoing would adversely impact Weber's financial results; and (5) that, as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
If you purchased or otherwise acquired Weber Class A common stock pursuant and/or traceable to the IPO, you may move the Court no later than September 27, 2022 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. 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 these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
More on The PennZone
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com
Investors suffering losses on their Weber investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.
On or about August 6, 2021, the Company completed its IPO, selling approximately 17,857,143 shares of Class A common stock at a price of $14.00 per share.
On July 25, 2022, before the market opened, Weber announced its preliminary third quarter 2022 financial results, including net sales between $525 million and $530 million. The Company expected to report a net loss, noting that "[p]rofitability was negatively impacted by" several factors, including "promotional activity to enhance retail sell through." Additionally, Weber announced that Chris Scherzinger "is departing" from his roles as Chief Executive Officer and director of the Company.
More on The PennZone
- The AML Shop Launches New Financial Investigations Unit, Appoints Director to Lead the Initiative
- Casting Pro Darya Balyura Named Judge for 2025 Meals 4 Monologues Virtual Showcase
- Raidium révolutionne le diagnostic de la Sclérose en Plaques en partenariat avec l'Hôpital Fondation Adolphe de Rothschild
- New Podcast "Spreading the Good BUZZ" Hosted by Josh and Heidi Case Launches July 7th with Explosive Global Reach and a Mission to Transform Lives
- The Herbal Care, Led by Markel Bababekov, Becomes a Top Dispensary in NYC's Upper East Side
On this news, the Company's stock price fell $1.21 per share, or 16%, to close at $6.30 per share on July 25, 2022, on unusually heavy trading volume.
By the commencement of this action, the Company's stock was trading as low as $6.25 per share, a nearly 55% decline from the $14 per share IPO price.
The complaint filed in this class action alleges that the Registration Statement 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: (1) that Weber was reasonably likely to implement price increases; (2) that, as a result, consumer demand for Weber's products was reasonably likely to decrease; (3) that, due to the resulting inventory buildup, Weber was reasonably likely to run promotions to "enhance retail sell through"; (4) that the foregoing would adversely impact Weber's financial results; and (5) that, as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
If you purchased or otherwise acquired Weber Class A common stock pursuant and/or traceable to the IPO, you may move the Court no later than September 27, 2022 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. 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 these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
More on The PennZone
- Digital Watchdog Launches New myDW Cloud Services
- Stan Fitzgerald Appointed Acting Press Secretary for Veterans for America First VFAF Georgia State Chapter
- Drone Light Shows Emerge as the New Standard in Live Event Entertainment
- Lore Link is Here to Help Organize Your Game
- Chappaqua's Annual Townwide Summer Sale – Unbeatable Savings at Your Favorite Local Boutiques!
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com
Filed Under: Business
0 Comments
Latest on The PennZone
- Valley Sleep Therapy Expands to Prescott with New Location at Crossings Road
- $17.4 Million Total Revenue for First Half of 2025 (up 31.8% YOY) for Global Wet Trades Services Provider with High Value Bitcoin Investments
- $12.8 Million Net Revenue for 2024 for Cloud-Based Crowdsourcing Recruitment and SaaS-Enabled HR Solutions Provider: Baiya International Group Inc
- #ChipInChipAway at Hunger Taking Place on July 10th, 2025
- Hire Virtue Announces Executive Sponsorship Opportunity for Houston Hiring Blitz & Job Fair on August 6, 2025
- Inked & Maxim Model Teisha Mechetti Turns Heads—And Builds Community Impact
- Plan to Launch Silo Technologies' Cybersecurity Pilot Program for Ultimate Nationwide Deployment via Exclusive Partnership: Stock Symbol: BULT
- Robert Michael & Co. Real Estate Team Celebrates Industry Recognition and Showcases Premier Central Florida Listings
- INVESTIGATION ALERT: Berger Montague PC Investigates Aflac, Inc.'s Board Of Directors For Breach of Fiduciary Duties (NYSE: AFL)
- AI-Based Neurotoxin Countermeasure Initiative Launched to Address Emerging National Security Needs: Renovaro, Inc. (N A S D A Q: RENB)
- The Naturist World Just Shifted — NaturismRE Ignites a Global Resurgence
- $796,000 in Q2 Revenue Marks Highest Earnings to Date on 3 Trailing Quarters of Profitability in Multi-Billion Homebuilding Sector: Stock Symbol: IVDN
- Cybersecurity is THE Hot Market Sector; Revenues, Earnings & Profit matter; Only 33 Million Shares + a Huge Short Position Equal an Undervalued Stock
- Despite Global Calls for a Ban, US Child Psychiatry Pushes Electroshock for Kids
- BeyondTrucks CEO Wins Gold Stevie® Award for Best Entrepreneur in Transportation
- Franco Polished Plaster Celebrates 35 Years of Bringing Walls to Life in the UK
- Spartan & Guardians Partner with Guitar Legend Buckethead to Support Global Child Rescue Efforts
- C8C.AI Launches Audio Compliance Engine to Streamline Ethical AI Audio Data at Scale
- Preliminary.online Introduces Short-Term Job-Readiness Courses with Employer-Verified Certifications
- Psychologist-Turned-Hermeticist Releases Modern Guide to the Seven Hermetic Principles