BOSTON, March 21, 2019 (GLOBE NEWSWIRE) -- Block & Leviton LLP (www.blockesq.com), a securities litigation firm representing investors nationwide, informs investors that there has been a class action lawsuit filed against Stamps.com, Inc. (“Stamps.com” or the “Company”) (NASDAQ: STMP) and certain of its officers alleging violations of the federal securities laws. Shareholders are encouraged to contact Block & Leviton LLP to learn more.
The complaint alleges that throughout the Class Period, the Defendants failed to disclose that: (1) the Company’s financial results depended on the manipulation of a USPS program that cost USPS an estimated $235 million per year; and (2) as a result, the Company’s business was unsustainable and its financial results were highly misleading.
On February 21, 2019, after the market closed, Stamps.com held a conference call to discuss its financial results from the 4th quarter of 2018 and fiscal year 2018. On the call, the Company’s Chairman and Chief Executive Officer stated that the Company was discontinuing its shipping partnership with USPS despite the fact that USPS-related business accounts for 87 percent of the Company’s revenue.
On this news, the Company’s stock plummeted to a close price of $83.65 on February 21, 2019, a decline of over 57% from the previous close price of $198.08.
If you have purchased or otherwise acquired Stamps.com securities between May 3, 2017 and February 21, 2019, and have questions about your legal rights, or possess information relevant to this investigation, you are encouraged to contact Attorney Dan DeMaria at (888) 868-2385, by email at dan@blockesq.com, or by visiting http://shareholder.law/cases/?case=stamps. Additionally, those interested in serving as lead Plaintiff must apply do so before the April 29, 2019, lead plaintiff deadline.
Block & Leviton LLP was recently ranked 4th among securities litigation firms by ISS for recoveries in 2017. The firm represents many of the nation's largest institutional investors and numerous individual investors in securities litigation throughout the country. Indeed, its lawyers have recovered billions of dollars for its clients.
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CONTACT:
BLOCK & LEVITON LLP
Dan DeMaria, Esq.
(617) 398-5660 phone
155 Federal Street, Suite 400
Boston, MA 02110
dan@blockesq.com
SOURCE Block & Leviton LLP