QRTEA - QURATE LEAD PLAINTIFF DEADLINE ALERT: Faruqi & Faruqi LLP Encourages Investors Who Suffered Losses Exceeding $50000 In Qurate Retail Inc. To Contact The Firm
NEW YORK, Oct. 29, 2018 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Qurate Retail, Inc. (“Qurate” or the “Company”) (NASDAQ: QRTEA) of the November 5, 2018 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Qurate stock or options between August 5, 2015, and September 7, 2016 and would like to discuss your legal rights, click here: www.faruqilaw.com/QRTEA. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com.
CONTACT:
FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
rgonnello@faruqilaw.com
Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the District of Colorado on behalf of all those who purchased Qurate securities between August 5, 2015 and September 7, 2016 (the “Class Period”). The case, Bristol County Retirement System v. Qurate Retail Inc. et al, No. 18-cv-02300 was filed on September 6, 2018 and has been assigned to Judge Michael E. Hegarty.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) the Company was aggressively loosening the credit standards of its Easy-Pay program to attract a large group of new customers; (2) the Company’s strong sales growth was due to this loose credit policy; (3) accounts receivable associated with this new group of customers posed a high risk of write-off; and (4) as a result of the foregoing, the Company’s positive statements about its business, operations, and prospects lacked a reasonable basis.
Specifically, on September 8, 2016, during a Goldman Sachs Global Retailing Conference in New York City, the Company finally disclosed the true impact of the Easy Pay issues, revealing to investors that it expects to see “higher default rates” associated with these sales. Moreover, the Company warned that this negative trend, while improved, would continue to impact its business.
After the announcement, Qurate’s share price fell from $21.46 per share on September 7, 2016 to a closing price of $19.59 on September 8, 2016–a $1.87 or 8.71% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Qurate’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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