NEW YORK, Jan. 12, 2023 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Rent the Runway, Inc. (""Rent the Runway" or the "Company") (NASDAQ: RENT). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether Rent the Runway and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On or around October 27, 2021, Rent the Runway conducted its initial public offering ("IPO"), selling 17 million shares priced at $21.00 per share. Then, on September 12, 2022, Rent the Runway issued a press release announcing the Company's financial results for the second quarter of 2022. Among other items, Rent the Runway disclosed a drop in subscribers and announced a new restructuring plan. Following issuance of the press release, Credit Suisse downgraded Rent the Runway to Neutral from Outperform after warning that it overestimated the impact a return to social events would have on the fashion rental company's active subscriber growth in its second quarter. Rent the Runway's stock price has fallen sharply since the IPO, damaging investors.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
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SOURCE Pomerantz LLP
