Weight Watchers International, Inc. Securities Litigation
On or around 11/30/2020 (Other)
Filing Date: March 04, 2019
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. Defendants filed a Motion to Dismiss the second consolidated amended Complaint on October 31. On November 30, 2020, the Court issued an Order granting Defendants' Motion to Dismiss.
Company & Securities Information
Defendant: Weight Watchers International, Inc.
Industry: Personal Services
Headquarters: United States
Ticker Symbol: WTW
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.
First Identified Complaint
Karen Potts, et al. v. Weight Watchers International, Inc., et al.
Class Action Complaint for Violations of the Federal Securities Laws
Joint Stipulation and Order Consolidating Related Cases, Appointing City of Omaha Police and Fire Retirement System, Equity-League Pension Trust Fund, and Oklahoma Firefighters Pension and Retirement System as Co-Lead Plaintiffs; and Approving Their Selection of Co-Lead Counsel
U.S. District Court Civil Docket
In re Weight Watchers International, Inc. Securities Litigation