On or around 01/17/2020 (Date of last review)
Filing Date: February 28, 2019
According to the Complaint, Stamps.com is a provider of Internet-based mailing and shipping solutions in the United States. Under the Stamps.com and Endicia brands, Stamps.com customers use USPS solutions to mail and ship a variety of mail pieces and packages through the USPS and customers using Stamps.com solutions receive discounted postage rates compared to USPS.com and USPS retail locations on certain mail pieces.
The Complaint alleges that during the Class Period, Defendants violated provisions of the Exchange Act by making false and/or misleading statements and/or failing to disclose that: (i) the Company’s financial results depended on the manipulation of a USPS program that cost USPS an estimated $235 million per year; and (ii) as a result, the Company’s business was unsustainable and its financial results were highly misleading.
This case was voluntarily dismissed on April 12, 2019. A related case continues under Docket 19-CV-01828.
On June 5, 2019, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed a consolidated Complaint on August 5. Defendants filed a Motion to Dismiss the consolidated Complaint on October 4. On January 17, 2020, the Court issued an Order denying Defendants' Motion to Dismiss.
Company & Securities Information
Defendant: Stamps.com, Inc.
Industry: Business Services
Headquarters: United States
Ticker Symbol: STMP
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.