ChannelAdvisor Corporation is an American company that provides cloud-based e-commerce software.

According to the law firm press release, the lawsuit alleges that ChannelAdvisor and certain of its officers and directors issued materially false and misleading statements about the Company’s true financial condition and prospects. On January 12, 2015, the Company lowered its fourth quarter 2014 revenue guidance to $23.7 million from its prior revenue guidance of $25.6 to $26.1 million. The Company attributed the revision to lower variable subscription revenue due to a shift to larger customers. On this news, shares of ChannelAdvisor fell $11.32 per share or over 53% from its previous closing price to close at $9.83 per share on January 13, 2015, damaging investors.

On July 2, 2015, the Court issued an Order transferring this case to the Eastern District of North Carolina.

An amended Complaint was filed on August 27, 2015.

On April 6, 2016, the Court issued an Order granting Defendants' Motion to Dismiss. This case was closed. Plaintiffs filed a Notice of Appeal of this decision on April 29. The Court of Appeals affirmed the decision of the District Court on November 30.