According to the Complaint, Weber Inc. is an outdoor cooking company that sells grills, smokers, grilling accessories, and solid fuel products across the world.
On July 12, 2021, the Company filed its Registration Statement on Form S-1 with the SEC, which forms part of the Registration Statement. On July 27, 2021, the Company filed its final amendment to the Registration Statement. The Registration Statement was declared effective on August 4, 2021.
On or about August 6, 2021, the Company completed its IPO, selling approximately 17,857,143 shares of Class A common stock at a price of $14.00 per share.
The Complaint alleges that the Registration Statement made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, the Complaint alleges Defendants failed to disclose to investors: (1) that Weber was reasonably likely to implement price increases; (2) that, as a result, consumer demand for Weber’s products was reasonably likely to decrease; (3) that, due to the resulting inventory buildup, Weber was reasonably likely to run promotions to “enhance retail sell through”; (4) that the foregoing would adversely impact Weber’s financial results; and (5) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.