Did you lose money on investments in Weber? If so, please visit Weber Inc. Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com to discuss your rights.
NEW YORK, Sept. 13, 2022 (GLOBE NEWSWIRE) -- Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, reminds investors of the deadline to file a lead plaintiff motion in a securities class action lawsuit that has been filed on behalf of investors who purchased or otherwise acquired the Class A common stock of Weber Inc. (“Weber” or the “Company”) (NYSE: WEBR) 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”). The lawsuit was filed in the United States District Court for the Northern District of Illinois and alleges violations of the Securities Exchange Act of 1933.
Weber is an outdoor cooking company that sells grills, smokers, grilling accessories, and solid fuel products across the world.
On August 6, 2021, the Company filed its prospectus on Form 424B4 with the SEC, which forms part of the Registration Statement. In the IPO, the Company sold approximately 17,857,143 shares of Class A common stock at a price of $14.00 per share. The Company received proceeds of approximately $237.5 million from the Offering, net of underwriting discounts and commissions. The proceeds from the IPO were purportedly to be used to effectuate certain reorganization transactions, for general corporate purposes, and to repay certain debts.
Plaintiff alleges that Defendants’ statements in the Registration Statement were materially false and misleading when made because: (1) Weber was reasonably likely to implement price increases; (2) as a result, consumer demand for Weber’s products was reasonably likely to decrease; (3) due to the resulting inventory buildup, Weber was reasonably likely to run promotions to “enhance retail sell through”; and (4) the foregoing would adversely impact Weber’s financial results.
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 was “departing” from his roles as Chief Executive Officer and director of the Company.
On this news, the Company’s stock price fell $0.95 per share to close at $6.56 per share on July 25, 2022.
Since the IPO, the price of Weber’s stock has fallen over 55%, closing as low as $6.25 per share on July 26, 2022.
If you wish to serve as lead plaintiff, you must move the Court no later than September 27, 2022. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased or otherwise acquired WEBR Class A common stock, and/or would like to discuss your legal rights and options please visit Weber Inc. Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
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Contact Information:
Peter Allocco
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
pallocco@bernlieb.com
