PR Newswire
NEW YORK, July 12, 2023
NEW YORK , July 12, 2023 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of GameStop Corp. ("GameStop" or the "Company") (NYSE: GME). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 7980.
The investigation concerns whether GameStop and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
[Click here for information about joining the class action]
On June 7, 2023, GameStop issued a press release announcing disappointing first quarter 2023 results, including non-GAAP earnings per share of -$0.14, missing consensus estimates by $0.02, and revenue of $1.24 billion, missing consensus estimates by $120 million, and representing a 10.1% year-over-year decline. The same day, GameStop disclosed in a filing with the U.S. Securities and Exchange Commission that the Company's "Board of Directors . . . terminated Matthew Furlong as President and Chief Executive Officer of the Company, effective immediately". Multiple analysts responded negatively to this disclosure, noting that Matthew Furlong's termination amounted to the Company's fifth such termination of a Chief Executive Officer within the past 5 years. In addition, Wedbush Securities cut its price target on the Company's stock to $6.20 per share.
On this news, GameStop's stock price fell $4.67 per share, or 17.89%, to close at $21.44 per share on June 8, 2023.
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
[email protected]
888-476-6529 ext. 7980
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SOURCE Pomerantz LLP
