San Diego, CA -- (SBWire) -- 08/18/2022 --An investor, who purchased NYSE: WEBR shares, filed a lawsuit against Weber Inc. over alleged violations of Federal Securities Laws in connection with the Company's August 2021 initial public offering ("IPO" or the "Offering").
Investors who purchased shares of Weber Inc. (NYSE: WEBR) have certain options and for certain investors are short and strict deadlines running. Deadline: September 27, 2022. NYSE: WEBR investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
Palatine, IL based Weber Inc., an outdoor cooking company, manufactures and distributes outdoor cooking products, accessories, consumables, and services in North America, Europe, Australia, and internationally.
On or about August 6, 2021, Weber Inc. completed its IPO, selling approximately 17,857,143 shares of Class A common stock at a price of $14.00 per share.
On July 25, 2022, before the market opened, Weber Inc. announced its preliminary third quarter 2022 financial results, including net sales between $525 million and $530 million. Weber Inc. expected to report a net loss, noting that "[p]rofitability was negatively impacted by" several factors, including "promotional activity to enhance retail sell through." Additionally, Weber announced that Chris Scherzinger "is departing" from his roles as Chief Executive Officer and director of the Company.
Shares of Weber Inc. (NYSE: WEBR) declined to as low as $5.97 per share on August 01, 2022.
The plaintiff claims that the Defendants failed to disclose to investors that Weber was reasonably likely to implement price increases, that, as a result, consumer demand for Weber's products was reasonably likely to decrease, that, due to the resulting inventory buildup, Weber was reasonably likely to run promotions to "enhance retail sell through", that the foregoing would adversely impact Weber's financial results, and that that, as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
Those who purchased shares of Weber Inc. (NYSE: WEBR) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com
About The Shareholders Foundation
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
NYSE:WEBR Investor Notice: Lawsuit Alleges Misleading Statements by Weber Inc.
A lawsuit was filed on behalf of investors in Weber Inc. (NYSE:WEBR) shares over alleged securities laws violations.