NEW YORK, Jan. 09, 2023 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors of Rent the Runway, Inc. (“Rent the Runway” or the “Company”) RENTAL FEE. Those investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, extension 7980.
The investigation concerns whether Rent the Runway and certain of its officers and/or directors have engaged in securities fraud or other illegal business practices.
[Click here for information about joining the class action]
On or about October 27, 2021, Rent the Runway completed its initial public offering (“IPO”), selling 17 million shares at a price of $21.00 per share. Then, on September 12, 2022, Rent the Runway issued a press release announcing the Company’s second quarter 2022 financial results. Among other things, Rent the Runway announced a decline in the number of subscribers and announced a new restructuring plan. Following the release of the press release, Credit Suisse downgraded Rent the Runway to Neutral from Outperform after warning that it had overestimated the impact of a return to social events on the fashion rental company’s second-quarter active subscriber growth. Rent the Runway’s share price has fallen sharply since its IPO, hurting investors.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris and Tel Aviv, is recognized as one of the leading law firms specializing in corporate, securities and antitrust litigation. Founded by the late Abraham L. Pomerantz, best known as Dean of the Class Bar Association, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues the tradition he founded and fights for the rights of victims of securities fraud, fiduciary breaches and corporate wrongdoing. The firm has recovered numerous multi-million dollar claims on behalf of group members. See www.pomlaw.com.
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