This lawsuit is for anyone who acquired securities in Waitr Holdings, Inc. (NASDAQ: WTRH) from May 17, 2018 through August 8, 2019.
The lawsuit alleges that the Company and certain of its executives violated federal law. Specifically, the lawsuit alleges that, in the Prospectus to the Company's IPO, and throughout the time period mentioned above, the Company misled investors regarding its financial condition. More specifically, the lawsuit alleges that the Company knew that its business model of providing food delivery services to underserved communities was unsustainable because those communities could not afford to pay the amount it would cost to serve them. However, for purposes of pumping the offering price, and then keeping the stock price artificially high for a temporary period of time, the Company engaged in many illegal practices, none of which it disclosed to the market, such as unilaterally raising rates on its customers and refusing to pay its drivers. In order to continue to keep the Company's stock price artificially high, and to cover for the fact that the Company knew that its business model did not work, the Company hastily bought BiteSquad, having done little diligence beforehand, and then lied about the Company's ability to integrate BiteSquad.
On August 8, 2019, after the market closed, the Company revealed that its Chief Executive Officer had resigned, that its integration of BiteSquad.com, LLC was not proceeding according to plan, and that the Company was laying off personnel. On this news, the price of the Company's stock dropped precipitously on unusually heavy trading volume.
The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in Waitr Holdings, Inc. (NASDAQ: WTRH) from May 17, 2018 through August 8, 2019 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.
Join the Class Action
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I, the Plaintiff, certify that:
1. I have reviewed the Complaint and authorized its filing.
2. Plaintiff did not purchase the security that is the subject of this
action, at the direction of plaintiff's counsel or in order to
participate in any private action arising under this title.
3. I am willing to serve as a representative party on behalf of a class
and will testify at deposition and trial, if necessary.
4. My transactions in the securities, which are the subject of this
action, during the Class Period set forth in the Complaint are as
5. I have not served as a representative party on behalf of a class
under the federal security laws during the last three years, except
if detailed below.
6. I will not accept any payment for serving as a representative party,
except to receive my pro rata share of any recovery or as ordered
or approved by the court including the award to a representative
plaintiff of reasonable costs and expenses (including lost wages)
directly relating to the representation of the class.
agreement and retain the Law Offices of Howard G. Smith and its associates to proceed on Plaintiff's behalf, on a contingent fee basis. If I am executing this agreement on behalf of an institution, I further certify that I am authorized to execute this agreement on behalf of the institution.