NEW YORK, Jan. 9, 2023 /PRNewswire/ -- Attention Rent the Runway, Inc. ("Rent the Runway") (NASDAQ: RENT) shareholders:
The Law Offices of Vincent Wong announce that a class action lawsuit has commenced on behalf of investors. This lawsuit is on behalf of all persons or entities who purchased Rent the Runway Class A common stock in or traceable to the Company's October 2021 initial public offering.
If you suffered a loss on your investment in Rent the Runway, contact us about potential recovery by using the link below. There is no cost or obligation to you.
https://www.wongesq.com/pslra-1/rent-the-runway-class-action-submission-form?prid=35374&wire=4
ABOUT THE ACTION: The class action against Rent the Runway includes allegations that the Company made materially false and/or misleading statements and/or failed to disclose that: (i) Rent the Runway was continuing to face extraordinary business headwinds, such as transportation headwinds and labor wage rate increases, from the COVID-19 pandemic; (ii) Rent the Runway's active subscriber enrollments had sharply decelerated from the growth trajectory represented in the offering documents and, as a result, Rent the Runway was several months away from approaching its pre-pandemic levels of active subscriptions; (iii) Rent the Runway needed to substantially increase marketing and advertising costs from historical figures in order to attempt to grow its active subscriber network; (iv) Rent the Runway was suffering from ballooning fulfillment and transportation costs; and (v) as a result, Rent the Runway was suffering accelerating operational losses at the time of the initial public offering and was far less likely to achieve profitability in the near term, if ever, than represented.
DEADLINE: January 13, 2023
Aggrieved Rent the Runway investors only have until January 13, 2023 to request that the Court appoint you as lead plaintiff. You are not required to act as a lead plaintiff in order to share in any recovery.
Vincent Wong, Esq. is an experienced attorney who has represented investors in securities litigations involving financial fraud and violations of shareholder rights. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT:
Vincent Wong, Esq.
39 East Broadway
Suite 304
New York, NY 10002
Tel. 212.425.1140
E-Mail: vw@wongesq.com
View original content:https://www.prnewswire.com/news-releases/class-action-alert-the-law-offices-of-vincent-wong-remind-rent-the-runway-investors-of-a-lead-plaintiff-deadline-of-january-13-2023-301715792.html
SOURCE The Law Offices of Vincent Wong
