Press release
Investigation announced for Investors in ThredUp Inc. (NASDAQ: TDUP) over potential Wrongdoing by certain directors
An investigation on behalf of investors in ThredUp Inc. (NASDAQ: TDUP) shares over potential wrongdoing at ThredUp Inc.
Investors who purchased shares of ThredUp Inc. (NASDAQ: TDUP) 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 ThredUp Inc. directors breached their fiduciary duties and caused damage to the company and its shareholders.
Oakland, CA based ThredUp Inc., together with its subsidiaries, operates an online resale platform in the United States and internationally.
On or around March 26, 2021, ThredUp Inc conducted its initial public offering ("IPO"), selling 12 million shares of its Class A common stock priced at $14.00 per share.
ThredUp Inc. reported that its annual Total Revenue rose from $251.79 million in 2021 to $288.37 million in 2022, and that its Net Loss increased from $63.17 million in 2021 to $92.28 million in 2022.
Then, on November 6, 2023, ThredUp issued its third quarter ("Q3") 2023 financial results, reporting Q3 GAAP earnings-per-share of -$0.17, missing consensus estimates by $0.01, and Q3 revenue of $82 million, missing consensus estimates by $0.95 million. The following day, The Motely Fool published an article entitled "Why ThredUp Stock Plunged 36% Today", noting, among other things, that "[t]he problem for ThredUp is that revenue growth hasn't led to the kind of operating margins that investors hoped for" while the Company "keeps burning cash," and that "ThredUp's concept, selling products on consignment and secondhand, is interesting, but it hasn't proven to be profitable."
Shares of ThredUp Inc. (NASDAQ: TDUP) declined to as low as $1.86 per share on November 09, 2023.
Those who purchased shares of ThredUp Inc. (NASDAQ: TDUP) 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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