AP NEWS
ADVERTISEMENT
Press release content from Business Wire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Business Wire
Press release content from Business Wire. The AP news staff was not involved in its creation.

CONTEXTLOGIC 72 HOUR DEADLINE ALERT: Former Louisiana Attorney General and Kahn Swick & Foti, LLC Remind Investors With Losses in Excess of $100,000 of Deadline in Class Action Lawsuits Against ContextLogic Inc. - WISH

July 13, 2021 GMT

NEW ORLEANS--(BUSINESS WIRE)--Jul 13, 2021--

Kahn Swick & Foti, LLC (“KSF”) and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have only until July 16, 2021 to file lead plaintiff applications in securities class action lawsuits against ContextLogic Inc. (NasdaqGS: WISH), if they purchased the Company’s securities between December 16, 2020 through May 12, 2021, inclusive (the “Class Period”) and/or pursuant to the Company’s December 2020 initial public offering. These actions are pending in the United States District Court for the Northern District of California.

What You May Do

If you purchased securities of ContextLogic and would like to discuss your legal rights and how these cases might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email ( lewis.kahn@ksfcounsel.com ), or visit https://www.ksfcounsel.com/cases/nasdaqgs-wish/ to learn more. If you wish to serve as a lead plaintiff in the class actions, you must petition the Courts by July 16, 2021.

ADVERTISEMENT

About the Lawsuits

ContextLogic and certain of its executives are charged with failing to disclose material information during the Class Period and/or in the Registration Statement and Prospectus issued in conjunction with the initial public offering, violating federal securities laws. On May 12, 2021, the Company announced its 1Q21 financial results for the interim period ended March 31, 2021, disclosing a decrease in monthly active users (“MAUs”) of an additional 7% from the previous period to just 101 million and a decrease in forward sales guidance for 2Q21 of just $715 million to $730 million, coming in significantly less than the $759 million the market had been led to expect and far less than the guidance of $735 to $750 million provided for 1Q21. On this news, shares of ContextLogic plummeted 29%, or $3.36 per share, to close at $8.11 per share on May 13, 2021, on unusually high trading volume.

The first-filed case is Boehning v. ContextLogic Inc., No. 21-cv-03671.

About Kahn Swick & Foti, LLC

ADVERTISEMENT

KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking to recover investment losses due to corporate fraud and malfeasance by publicly traded companies. KSF has offices in New York, California and Louisiana.

To learn more about KSF, you may visit www.ksfcounsel.com.

View source version on businesswire.com:https://www.businesswire.com/news/home/20210713006185/en/

CONTACT: Lewis Kahn, Managing Partner

lewis.kahn@ksfcounsel.com

1-877-515-1850

KEYWORD: UNITED STATES NORTH AMERICA LOUISIANA

INDUSTRY KEYWORD: LEGAL PROFESSIONAL SERVICES

SOURCE: Kahn Swick & Foti, LLC

Copyright Business Wire 2021.

PUB: 07/13/2021 06:35 PM/DISC: 07/13/2021 06:36 PM

http://www.businesswire.com/news/home/20210713006185/en