On or around 12/22/2016 (Other)
Filing Date: January 23, 2015
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.
Company & Securities Information
Defendant: ChannelAdvisor Corporation
Industry: Software & Programming
Headquarters: United States
Ticker Symbol: ECOM
Company Market: New York SE
Market Status: Public (Listed)
About the Company & Securities Data
"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.
In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
First Identified Complaint
Justin Dice, et al. v. ChannelAdvisor Corporation, et al.