SHAREHOLDER ALERT: Pomerantz Law Firm Announces the Filing of a Class Action
Against LightInTheBox Holding Co., Ltd. and Certain Officers -- LITB
NEW YORK, Oct. 2, 2013 (GLOBE NEWSWIRE) -- Pomerantz Grossman Hufford
Dahlstrom & Gross LLP announces the filing of 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, Northern District of California, on behalf of a class consisting of all
persons or entities who purchased or otherwise acquired securities of
LightInTheBox 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, through its subsidiaries, operates as an online retailing
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 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. Willoughby
Pomerantz Grossman Hufford Dahlstrom & Gross LLP
Press spacebar to pause and continue. Press esc to stop.