Last $9.67 USD
Change Today -0.29 / -2.91%
Volume 82.3K
As of 10:11 AM 01/27/15 All times are local (Market data is delayed by at least 15 minutes).

channeladvisor corp (ECOM) Key Developments

Rigrodsky & Long, P.A. Announces Securities Fraud Class Action Lawsuit against ChannelAdvisor Corporation

Rigrodsky & Long, P.A. announced that a complaint has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities that purchased the common stock of ChannelAdvisor Corporation between November 6, 2014 and January 12, 2015, inclusive (the Class Period), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers. The complaint alleges that throughout the class period, the company made materially false and misleading statements, and omitted materially adverse facts, about the company's business, operations and prospects. Specifically, the complaint alleges that the company concealed from the investing public that: (1) ChannelAdvisors' shift in customer base away from smaller clients to larger clients posed a risk to the company's financial performance as it impacts the revenue generated from its variable subscriptions; and (2) larger clients were given a discount in the percentage of gross merchandise value (GMV) that goes to ChannelAdvisor for variable subscription, which results in lower revenue for the company. As a result of company's alleged false and misleading statements, the company's stock traded at artificially inflated prices during the Class Period. According to the complaint, on January 12, 2015, the company issued a press release which lowered its revenue guidance for the fourth quarter of 2014. On this news, shares in ChannelAdvisor plummeted over 53%, closing at $9.83 per share on January 13, 2015, on extraordinarily high trading volume.

ChannelAdvisor Provides Earnings Guidance for the Fourth Quarter and Full Year of 2014

ChannelAdvisor provided earnings guidance for the fourth quarter and full year of 2014. For the quarter, the company anticipates that its revenue will be approximately $23.7 million, an increase of approximately 16% over the prior year. Reflecting the shift away from variables subscription revenue, fixed subscription revenue increased approximately 27% from the fourth quarter of 2013 to 2014, while variables subscription revenues declined by approximately 5%. For the year, the company expects revenue to be approximately $84.8 million, growth of approximately 25% year-on-year. As the company had not yet completed its financial close, they are unable to provide updated adjusted EBITDA guidance. The company expects the revenue shortfall will cause its adjusted EBITDA to fall below the level to which they had previously guided, although expenses that were lower than anticipated should partially mitigate the impact of the lower revenues.

ChannelAdvisor Corporation, Q4 2014 Guidance/Update Call, Jan 12, 2015

ChannelAdvisor Corporation, Q4 2014 Guidance/Update Call, Jan 12, 2015

Channeladvisor Corporation Promotes Josh Christie to Vice President of Engineering

ChannelAdvisor Corporation announced the promotion of Josh Christie to vice president of engineering. In this role, Christie is responsible for leading the global engineering team to enhance ChannelAdvisor’s software as a service (SaaS) platform. Christie works closely with strategic partners, customers and ChannelAdvisor’s product management team to deliver innovative solutions to e-commerce challenges. Before joining ChannelAdvisor in 2006, Christie was a software design engineer at Microsoft.

ChannelAdvisor Corporation Opens Office in Sydney, Expands Presence in Asia-Pacific

ChannelAdvisor Corporation announced that it opened an office in Sydney on December 1, 2014. The Sydney location will serve as a hub for ChannelAdvisor to connect with local retailers and manufacturers and to better serve its New South Wales clientele. ChannelAdvisor offers a unique blend of technology and managed services expertise, making it easier for retailers to master the challenges of connecting with consumers. ChannelAdvisor’s platform supports marketplaces such as eBay, Amazon, Tmall Global and Trade Me; multiple comparison shopping engines such as Google Shopping, eBay Commerce Network and Shopbot; paid search engines.

 

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