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Lawsuit filed for Investors in shares of Vroom, Inc. (NASDAQ: VRM)

04-07-2021 08:20 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

A lawsuit was filed on behalf of investors in Vroom, Inc. (NASDAQ: VRM) shares over alleged securities laws violations.

A lawsuit was filed on behalf of investors in Vroom, Inc. (NASDAQ: VRM) shares over alleged securities laws violations.

An investor, who purchased shares of Vroom, Inc. (NASDAQ: VRM), filed a lawsuit over alleged violations of Federal Securities Laws by Vroom, Inc. in connection with certain allegedly false and misleading statements.

Investors who purchased shares of Vroom, Inc. (NASDAQ: VRM) have certain options and for certain investors are short and strict deadlines running. Deadline: May 21, 2021. NASDAQ: VRM investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

New York based Vroom, Inc. operates an e-commerce platform for buying, selling, and trading of new and used cars in the United States.

On March 3, 2021, Vroom, Inc. announced its fourth quarter and full year 2020 financial results in a press release. Vroom, Inc. reported that its annual Total Revenue rose from over $1.19 billion in 2019 to over $1.35 billion in 2020, and that its Net Loss increased from $142.97 million in 2019 to $202.79 million in 2020. Furthermore, Vroom, Inc reported that fourth quarter "Ecommerce Vehicle gross profit per unit decreased 13.1% to $878, driven primarily by lower sales margins, partially offset by improvements in inbound logistics and reconditioning costs per unit." Vroom also reported that for the fourth quarter, its "[n]et loss increased 41.9% to $60.7 million."

Shares of Vroom, Inc. (NASDAQ: VRM) declined from $51.71 per share on February 16, 2021, to as low as $26.96 per share on March 5, 2021.

The plaintiff claims that between November 11, 2020 and March 3, 2021, the Defendants failed to disclose to investors, that Vroom had not demonstrated that it was able to control and scale growth in respect to its salesforce to meet the demand for its products, that, as a result, the Company was forced to discount aged inventory to move through its retail channels or liquidated in its wholesale channels, that, as a result, the ecommerce gross profit per unit was reasonably likely to decline, and 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.

Those who purchased shares of Vroom, Inc. (NASDAQ: VRM) have certain options and should contact the Shareholders Foundation.

Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, 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, investigations, and/or settlements are not filed/initiated/reached and/or are not 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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