New York, New York--(Newsfile Corp. - January 12, 2023) - Levi & Korsinsky, LLP notifies investors in Rent the Runway, Inc. ("Rent the Runway" or the "Company") (NASDAQ: RENT) of a class action securities lawsuit.
The lawsuit on behalf of Rent the Runway investors has been commenced in the the United States District Court for the Eastern District of New York. 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. Follow the link below to get more information and be contacted by a member of our team:
https://www.zlk.com/pslra-1/rent-the-runway-loss-submission-form?prid=35587&wire=5
or contact Joseph E. Levi, Esq. either via email at jlevi@levikorsinsky.com or by telephone at (212) 363-7500. There is no cost or obligation to you.
Cannot view this video? Visit:
https://www.youtube.com/watch?v=h6ggttqtGbM
Rent the Runway, Inc. NEWS - RENT NEWS
CASE DETAILS: The filed complaint alleges that defendants made false statements and/or concealed 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.
WHAT THIS MEANS TO SHAREHOLDERS: If you suffered a loss in Rent the Runway during the relevant timeframe, you have until January 13, 2023 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
NO COST TO YOU: If you are a class member, you may be entitled to compensation without payment of any out-of-pocket costs or fees. Discuss your rights with our legal team without cost or obligation.
PROTECT YOUR FINANCIAL INTERESTS: Complete this brief submission form https://www.zlk.com/pslra-1/rent-the-runway-loss-submission-form?prid=35587&wire=5 or call 212-363-7500 to discuss the case.
WHY LEVI & KORSINSKY: Over the past 20 years, the team at Levi & Korsinsky has secured hundreds of millions of dollars for aggrieved shareholders and built a track record of winning high-stakes cases. Our firm has extensive expertise representing investors in complex securities litigation and a team of over 70 employees to serve our clients. For seven years in a row, Levi & Korsinsky has ranked in ISS Securities Class Action Services' Top 50 Report as one of the top securities litigation firms in the United States.
CONTACT:
Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
55 Broadway, 10th Floor
New York, NY 10006
jlevi@levikorsinsky.com
Tel: (212) 363-7500
Fax: (212) 363-7171
www.zlk.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/151206
