GRUB LOSSES ALERT: Bernstein Liebhard LLP Announces Investigation of Grubhub Inc.
NEW YORK--(BUSINESS WIRE)--Oct 30, 2019--
Bernstein Liebhard, a nationally acclaimed investor rights law firm, is investigating potential securities fraud claims on behalf of shareholders of Grubhub Inc. (“Grubhub” or the “Company”) (NYSE: GRUB) resulting from allegations that Grubhub might have issued misleading information to the investing public.
If you purchased Grubhub securities, and/or would like to discuss your legal rights and options please visit Grubhub Shareholder Investigation or contact Matthew E. Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com.
On October 28, 2019 after the market closed, Grubhub reported its third quarter 2019 results and published a letter to shareholders, stating:
“In August, overall DAG growth began trending noticeably lower than our expectations. As we dug into the data, we saw that our newer diners, particularly those in our newer markets, were not driving as many orders as we expected at that point in their lifecycle. . . .
Furthermore, we believe online diners are becoming more promiscuous. For years, we saw in our data that a Grubhub diner was extremely loyal to our platform. However, our newer diners are increasingly coming to us already having ordered on a competing online platform, and our existing diners are increasingly ordering on multiple platforms. . . . We believe this competitive dynamic had a 300+ bps impact on our growth rate for the third quarter.”
On October 29, 2019, Grubhub’s shares fell by $25.28 per share, over 43%, to close at $33.11 per share.
If you purchased Grubhub securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/grubhubinc-grub-shareholder-class-action-lawsuit-stock-fraud-210/apply/ or contact Matthew E. Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
ATTORNEY ADVERTISING. © 2019 Bernstein Liebhard LLP. The law firm responsible for this advertisement is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. The lawyer responsible for this advertisement in the State of Connecticut is Michael S. Bigin. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
View source version on businesswire.com:https://www.businesswire.com/news/home/20191030005627/en/
CONTACT: Matthew E. Guarnero
Bernstein Liebhard LLP
KEYWORD: NEW YORK UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: LEGAL PROFESSIONAL SERVICES
SOURCE: Bernstein Liebhard LLP
Copyright Business Wire 2019.
PUB: 10/30/2019 10:12 AM/DISC: 10/30/2019 10:12 AM