Case Page

 

Case Status:    DISMISSED    
On or around 04/21/2017 (Other)

Filing Date: May 13, 2015

According to the law firm press release, Etsy operates online and offline marketplaces to buy and sell handmade items, vintage goods, and craft supplies. Its platform connects sellers and buyers to sell or buy products for art, home and living, mobile accessories, jewelry, wedding, and others. The company was founded in 2005 and is headquartered in Brooklyn, New York. It has additional offices in Berlin, Germany; Dublin, Ireland; Hudson, New York; London, United Kingdom; Melbourne, Australia; Paris, France; San Francisco, California; and Toronto, Canada.

The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (1) more than 5% of all merchandise for sale on Etsy's website were either counterfeit or constituted trademark or copyright infringement; (2) Brands are increasingly pursuing sellers on Etsy's platform for trademark or copyright infringement, jeopardizing the Company's listing fees and commissions; and (3) as a result of the foregoing, Etsy's public statements were materially false and misleading at all relevant times.

On May 11, 2015, before the market opened for trading, numerous news outlets, including Bloomberg and the Associated Press, reported that an equity analyst at Wedbush Securities issued a note downgrading Etsy to "Underperform."

As a result of this news, shares of Etsy fell $1.86, or over 8%, on unusually heavy volume, to close at $20.85 on May 11, 2015.

On March 16, 2017, the Court issued an Order dismissing this case with prejudice. A Notice of Appeal of this Order was filed on April 21.

COMPANY INFORMATION:

Sector: Services
Industry: Retail (Specialty)
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: ETSY
Company Market: NASDAQ
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.
COURT: E.D. New York
DOCKET #: 15-CV-02785
JUDGE: Hon. Allyne R. Ross
DATE FILED: 05/13/2015
CLASS PERIOD START: 04/16/2015
CLASS PERIOD END: 05/10/2015
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bronstein, Gewirtz & Grossman, LLC (New York)
    60 East 42nd Street - Suite 4600, Bronstein, Gewirtz & Grossman, LLC (New York), NY 10165
    212.697.6484 212.697.7296 · info@bgandg.com
  2. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
No Document Title Filing Date
COURT: E.D. New York
DOCKET #: 15-CV-02785
JUDGE: Hon. Allyne R. Ross
DATE FILED: 01/28/2016
CLASS PERIOD START: 04/16/2015
CLASS PERIOD END: 05/10/2015
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Bronstein, Gewirtz & Grossman, LLC (New York)
    60 East 42nd Street - Suite 4600, Bronstein, Gewirtz & Grossman, LLC (New York), NY 10165
    212.697.6484 212.697.7296 · info@bgandg.com
  2. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
No Document Title Filing Date