A lawsuit was filed on behalf of investors in Waitr Holdings Inc. (NASDAQ: WTRH) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 10/14/2019 -- An investor, who purchased shares of Waitr Holdings Inc. (NASDAQ: WTRH), filed a lawsuit over alleged violations of Federal Securities Laws by Waitr Holdings Inc., f/k/a Landcadia Holdings, Inc.
Investors who purchased shares of Waitr Holdings Inc. (NASDAQ: WTRH) should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
Lake Charles, LA based Waitr Holdings Inc. provides online food ordering and delivery services in the Southeastern United States. On August 8, 2019, after the market closed, Waitr Holdings Inc revealed its financial and operational results for the second quarter of 2019, including: lowered guidance for fiscal year 2019; the resignation of its CEO, co-Founder Christopher Meaux, effective immediately; that its integration of BiteSquad.com, LLC, acquired in January 2019, was not proceeding according to plan; that the Company was laying off personnel; and that losses were far higher than previously anticipated.
Shares of Waitr Holdings Inc. (NASDAQ: WTRH) declined from $14.77 per share in March 2019 to as low as $1.21 per share on October 2, 2019.
The plaintiff claims that the defendants pursuant or traceable to Waitr's November 2018 going public transaction with Landcadia, in its May 2019 SPO, and between May 17, 2018 and August 8, 2019made false and/or misleading statements and/or failed to disclose that the Company was not on the verge of profitability, that it was not true that the Company was providing its services at a sustainable low take rate established at 15%, that it was not true that Waitr was able to extract efficiencies from its full time fixed-rate labor force that was purported to allow the Company to offer its services at a lower rate than competitors, that its software provided little or no competitive advantages and what first-mover advantage the Company claimed existed, was quickly squandered by the inability to obtain sophisticated high-level programmers and software engineers who could enable Waitr to refine and develop the software necessary to stay competitive in its market, that it was not true that Waitr maintained an adequate system of internal controls so as to report and eliminate material conflicts of interest, and that as a result, Waitr's public statements were materially false and misleading at all relevant times
Those who purchased shares of Waitr Holdings Inc. (NASDAQ: WTRH) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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