According to the Complaint, Weight Watchers offers a subscription-based weight loss program.

The Complaint alleges that during the Class Period, Defendants made false and misleading statements and/or failed to disclose adverse information regarding Weight Watchers’ business, operations and prospects. Specifically, the Complaint alleges Defendants failed to disclose that Weight Watchers was experiencing diminished subscriber demand attributable to the onslaught of new competing smartphone fitness apps, meal-delivery services, and other tech advances that were driving down Weight Watchers’ new subscriber growth and its subscriber retention rates; that diminished subscriber growth, when coupled with a much larger number of fourth quarter subscription lapses than Weight Watchers typically experienced, made it highly unlikely that the Company would retain four million subscribers by the end of 2018; that Weight Watchers was not on track to grow its subscriber count to five million or to drive annual revenues to more than $2 billion by the end of 2020; and that a decreased subscriber count would result in decreased revenues and profits.

On June 12, 2019, the Court issued an Order consolidating cases and appointing Co-Lead Plaintiffs and Co-Lead Counsel. Co-Lead Plaintiffs filed a consolidated amended Complaint on July 31. On September 27, Co-Lead Plaintiffs filed a second consolidated amended Complaint.