Press release
Investigation announced for Long Term Investors in shares of ContextLogic Inc. (NASDAQ: WISH)
An investigation on behalf of investors in ContextLogic Inc. (NASDAQ: WISH) shares over potential wrongdoing at ContextLogic Inc.
Investors who purchased shares of ContextLogic Inc. (NASDAQ: WISH) have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm concerns whether certain ContextLogic Inc. directors breached their fiduciary duties and caused damage to the company and its shareholders.
San Francisco, CA based ContextLogic Inc. operates as a mobile ecommerce company in Europe, North America, South America, and internationally. ContextLogic Inc. reported that its annual Total Revenue declined from over $2.08 billion in 2021 to $571 million in 2022, and that its Net Loss increased from $361 million in 2021 to $384 million in 2022.
On June 29, 2023, Loop Capital ("Loop") downgraded ContextLogic to "Sell" from "Hold", noting that ContextLogic has consistently missed consensus revenue estimates and concluding that the Company faces difficulty protecting its market share from larger rivals. Then on August 3, 2023, the Company reported second quarter 2023 financial results, revenues were $78 million a decrease of (-41.8% Y/Y) missing estimates by $16.25 million.
Shares of ContextLogic Inc. (NASDAQ: WISH) declined from $13.38 per share on April 03, 2023, to as low as $5.85 per share on August 07, 2023.
Those who purchased shares of ContextLogic Inc. (NASDAQ: WISH) 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
Web: www.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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