ThredUp Inc. (TDUP) Investigation: Bronstein, Gewirtz & Grossman, LLC Encourages Investors to Seek Compensation for Alleged Wrongdoings
News provided byACCESSWIRE
Nov 20, 2023, 1:00 PM ET
NEW YORK, NY / ACCESSWIRE / November 20, 2023 / Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of ThredUp Inc. ("ThredUp" or "the Company") (NASDAQ:TDUP). Investors who purchased ThredUp securities are encouraged to obtain additional information and assist the investigation by visiting the firm's site: bgandg.com/tdup.
The investigation concerns whether ThredUp has violated federal securities laws.
On or around March 26, 2021, ThredUp conducted its initial public offering ("IPO"), selling 12 million shares of its Class A common stock priced at $14.00 per share. Then, on November 6, 2023, ThredUp issued its third quarter ("Q3") 2023 financial results, reporting Q3 GAAP earnings-per-share of -$0.17, missing consensus estimates by $0.01, and Q3 revenue of $82 million, missing consensus estimates by $0.95 million. The following day, The Motely Fool published an article entitled "Why ThredUp Stock Plunged 36% Today", noting, among other things, that "[t]he problem for ThredUp is that revenue growth hasn't led to the kind of operating margins that investors hoped for" while the Company "keeps burning cash," and that "ThredUp's concept, selling products on consignment and secondhand, is interesting, but it hasn't proven to be profitable." On this news, ThredUp's stock price fell $1.15 per share, or 33.43%, to close at $2.29 per share on November 7, 2023, representing an 83.64% decline from the Company's IPO price.
If you are aware of any facts relating to this investigation or purchased ThredUp securities, you can assist this investigation by visiting the firm's site: bgandg.com/tdup. You can also contact Peretz Bronstein or his law clerk and client relations manager, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC: 332-239-2660.
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SOURCE: Bronstein, Gewirtz & Grossman, LLC
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