NEW YORK, March 18, 2021 /PRNewswire/ — Pomerantz LLP is investigating claims on behalf of investors of Poshmark, Inc. (“Poshmark” or the “Company”) (NASDAQ: POSH). Such investors are advised to contact Robert S. Willoughby at email@example.com or 888-476-6529, ext. 7980.
The investigation concerns whether Poshmark and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On or around January 14, 2021, Poshmark conducted its initial public offering (“IPO”), selling 6,600,000 shares of common stock priced at $42.00. Then, on March 11, 2021, post-market, Poshmark issued a press release announcing the Company’s financial results for the fourth quarter and full year ended December 31, 2020. Although Poshmark announced net revenues of $69.3 million for the fourth quarter of 2020, exceeding analyst expectations, the Company’s revenue forecast for the first quarter of 2021 in the range of $75.5 million to $77.5 million fell short of analyst expectations.
On this news, Poshmark’s stock price fell $11.83 per share, or 19.9%, to close at $47.63 per share on March 12, 2021. Since the IPO, Poshmark’s stock has closed as low as $45.13 per share, representing a total decline of more than 24% from the offering price.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris 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 80 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.
Robert S. Willoughby
888-476-6529 ext. 7980
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SOURCE Pomerantz LLP
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