SHAREHOLDER ALERT: Pomerantz Law Firm Reminds Shareholders With Losses on
Their Investment in Expedia, Inc. of Class Action Lawsuit and Upcoming
Deadline -- EXPE
NEW YORK, Oct. 21, 2013 (GLOBE NEWSWIRE) -- Pomerantz Grossman Hufford
Dahlstrom & Gross LLP has filed a class action lawsuit against Expedia, Inc.
("Expedia" or the "Company") (Nasdaq:EXPE) and certain of its officers.The
class action, filed in United States District Court, Western District of
Washington, and docketed under 13-cv-01735, is on behalf of a class consisting
of all persons or entities who purchased or otherwise acquired securities of
Expedia between July 27, 2012 and July 25, 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 Expedia 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 firstname.lastname@example.org 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.
Expedia is an Internet-based travel website company headquartered in Bellevue,
Washington, with localized sites for 29 countries. Its websites book airline
tickets, hotel reservations, car rentals, cruises, vacation packages and
various attractions and services via the World Wide Web and telephone travel
agents.In 2011, Expedia split into two publicly traded companies by spinning
off its TripAdvisor brand of travel sites.
The Complaint alleges that throughout the Class Period, Defendants made
materially false and misleading statements regarding the Company's business
and operations.Specifically, Defendants made false and misleading statements
and/or failed to disclose that:(a) that following the spin-off, TripAdvisor
had been directing a significant amount of lucrative web traffic to Expedia
pursuant to an informal strategic partnership between the two companies that
inured to the benefit of Expedia and to the detriment of TripAdvisor; (b) that
the lucrative web traffic directed to Expedia from TripAdvisor following the
spin-off had been a material source of Expedia's outsized revenues following
the spin-off; (c) that TripAdvisor would stop directing web traffic to Expedia
in early 2013; and (d) that performance at the Company's Hotwire unit was
On July 25, 2013, after the close of trading, Expedia issued a press release
announcing its second quarter 2013 financial results for the quarter ended
June 30, 2013. Expedia's second-quarter 2013 profit fell to $71.5 million from
$105.2 million a year earlier. Overall, bookings rose only 13%, well below the
19% surge the Company posted during fiscal 2012. The Company also lowered its
guidance for 2013 adjusted earnings, predicting growth in the mid to high
single digits.On this news, Expedia shares declined $17.80 per share or
nearly 27%, to close at $47.20 per share on July 26, 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
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