(MENAFN - GlobeNewsWire - Nasdaq) itemprop="articleBody">LOS ANGELES, May 03, 2019 (GLOBE NEWSWIRE) -- Glancy Prongay & Murray LLP ('GPM') reminds investors of the May 3, 2019 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased Weight Watchers International, Inc. ('Weight Watchers' or the 'Company') (NASDAQ: WTW ) securities between May 4, 2018 and February 26, 2019, inclusive (the 'Class Period').Weight Watchers investors have until May 3, 2019 to file a lead plaintiff motion in this class action.
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If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, at 310-201-9150, Toll-Free at 888-773-9224, or by email to , or visit our website at www.glancylaw.com .
On February 26, 2019, Weight Watchers announced that its subscriber count had declined to 3.9 million subscribers, and stated that enrollment would continue to decline during 2019. Weight Watchers also announced that it was targeting revenues of only $1.4 billion for fiscal year 2019, significantly less than the nearly $1.7 billion in revenues it had led the market to expect. On this news, Weight Watchers' share price fell $10.20, or nearly 35%, to close at $19.37 per share on February 27, 2019, thereby injuring investors.
The complaint filed in this class action alleges that, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Weight Watchers was experiencing diminished subscriber demand attributable to the onslaught of new competing smartphone fitness apps, meal-delivery services, and other tech advances that were driving down Weight Watchers' new subscriber growth and subscriber retention rates; (2) diminished subscriber growth, when coupled with a much larger number of fourth quarter subscription lapses than Weight Watchers would typically experience, made it highly unlikely that Weight Watchers would retain four million subscribers by the end of 2018; (3) Weight Watchers was not on track to grow its subscriber count to five million or to drive annual revenues to more than $2 billion by the end of 2020; (4) a decreased subscriber count would result in decreased revenues profits; and (5) as a result, defendants' statements about Weight Watchers' business metrics and financial prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
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If you purchased or otherwise acquired Weight Watchers securities during the Class Period you may move the Court no later than May 3, 2019 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to , or visit our website at www.glancylaw.com . If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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Glancy Prongay & Murray LLP, Los Angeles
Lesley Portnoy, 310-201-9150 or 888-773-9224