DENVER, CO August 5, 2019 – The Shuman Law Firm announces that it is investigating potential shareholder claims against certain officers and directors of Weight watchers International, Inc. (“Weight Watchers” or the “Company”) (Nasdaq: WW). Weight Watchers provides body weight management services worldwide.
The Firm’s investigation relates to the Company’s February 26, 2019 announcement that its quarterly subscriber count had decreased to 3.9 million subscribers with enrollment continuing to decline during FY2019; its FY2019 revenue target was downgraded to $1.4 billion, much less than the nearly market expectation of $1.7 billion; and EPS had decreased to $1.25-$1.50, significantly lower than market expectations of $3.36. On this news, the price of Weight Watchers’ shares fell from a previous close of $29.57 to close at $19.37 per share –or almost 35 percent – on February 27, 2019. In July of 2018, Weight Watchers stock traded above $100 per share.
Following the disclosure of the Company’s February 2019 financial information, investors filed a purported class action lawsuit against Weight Watchers and certain of its senior executive officers and directors. The lawsuit alleges that these defendants made false and/or misleading statements regarding the Company’s subscriber demand, subscriber growth and competition from smartphone fitness apps, meal-delivery services and other high tech advances.
If you currently own Weight Watchers common stock and are interested in discussing your rights, or have information relating to this investigation, please contact Kip B. Shuman toll free at (866) 569-4531 or email Mr. Shuman at firstname.lastname@example.org.