An investigation for investors in ContextLogic Inc. (NASDAQ: WISH) shares over potential securities laws violations by ContextLogic Inc. was announced.
San Diego, CA -- (SBWIRE) -- 08/17/2023 -- An investigation was announced for investors of ContextLogic Inc. (NASDAQ: WISH) shares over potential securities laws violations by ContextLogic Inc.
Investors who purchased shares of ContextLogic Inc. (NASDAQ: WISH), have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
The investigation by a law firm focuses on whether a series of statements by ContextLogic Inc. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
San Francisco, CA based ContextLogic Inc. operates as a mobile ecommerce company in Europe, North America, South America, and internationally. ContextLogic Inc. reported that its annual Total Revenue declined from over $2.08 billion in 2021 to $571 million in 2022, and that its Net Loss increased from $361 million in 2021 to $384 million in 2022.
On June 29, 2023, Loop Capital ("Loop") downgraded ContextLogic to "Sell" from "Hold", noting that ContextLogic has consistently missed consensus revenue estimates and concluding that the Company faces difficulty protecting its market share from larger rivals. Then on August 3, 2023, the Company reported second quarter 2023 financial results, revenues were $78 million a decrease of (-41.8% Y/Y) missing estimates by $16.25 million.
Shares of ContextLogic Inc. (NASDAQ: WISH) declined from $13.38 per share on April 03, 2023, to as low as $5.85 per share on August 07, 2023.
Those who purchased shares of ContextLogic Inc. (NASDAQ: WISH) have certain options and should contact the Shareholders Foundation.
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